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H 4996
Session 119 (2011-2012) 

H 4996 General Bill, By Stringer, Bingham, Harrell, White, McCoy, Norman, 
Clemmons, Quinn, Ballentine, Ryan, Brannon, Bedingfield, Spires, Thayer, Parker, 
Taylor, Daning, Hearn, J.R. Smith, Patrick, Murphy, Bowen, Lowe, Nanney, Hiott, 
Sottile, Loftis, Allison, Atwater, Bannister, Chumley, Crosby, Delleney, 
Erickson, Hamilton, Hardwick, Henderson, Herbkersman, Hixon, Horne, Limehouse, 
Long, Merrill, D.C. Moss, V.S. Moss, Owens, Pinson, Pope, Sandifer, Simrill, 
G.M. Smith, G.R. Smith, Tallon, Willis, Young and Forrester

Similar(H 4994, H 4995, H 4997) A BILL TO AMEND SECTION 12-6-545, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INCOME TAX RATES FOR PASS-THROUGH TRADE AND BUSINESS INCOME, SO AS TO REDUCE THE TAX RATE FROM FIVE PERCENT TO THREE PERCENT. 03/13/12 House Introduced and read first time (House Journal-page 10) 03/13/12 House Referred to Committee on Ways and Means (House Journal-page 10) 03/13/12 House Member(s) request name added as sponsor: Forrester 03/28/12 House Committee report: Favorable Ways and Means (House Journal-page 45) 04/24/12 House Requests for debate-Rep(s). Ott, Stringer, GR Smith, RL Smith, Corbin, Weeks, Loftis, Hamilton, Bedingfield, Nanney, Henderson, Anderson, McCoy, Hosey, Gilliard, RL Brown, Cobb-Hunter, HB Brown, Jefferson, Parker, Williams, Allison, Neilson, Brantley, Forrester, Crawford, McEachern, Knight (House Journal-page 38) 04/24/12 House Amended (House Journal-page 76) 04/24/12 House Read second time (House Journal-page 76) 04/24/12 House Roll call Yeas-104 Nays-3 (House Journal-page 77) 04/25/12 House Read third time and sent to Senate (House Journal-page 43) 04/25/12 House Roll call Yeas-108 Nays-0 (House Journal-page 43) 04/25/12 Senate Introduced and read first time (Senate Journal-page 10) 04/25/12 Senate Referred to Committee on Finance (Senate Journal-page 10) 05/09/12 Senate Committee report: Favorable Finance (Senate Journal-page 11)


H. 4996

Indicates Matter Stricken

Indicates New Matter

COMMITTEE REPORT

May 9, 2012

H. 4996

Introduced by Reps. Stringer, Bingham, Harrell, White, McCoy, Norman, Clemmons, Quinn, Ballentine, Ryan, Brannon, Bedingfield, Spires, Thayer, Parker, Taylor, Daning, Hearn, J.R. Smith, Patrick, Murphy, Bowen, Lowe, Nanney, Hiott, Sottile, Loftis, Allison, Atwater, Bannister, Chumley, Crosby, Delleney, Erickson, Hamilton, Hardwick, Henderson, Herbkersman, Hixon, Horne, Limehouse, Long, Merrill, D.C. Moss, V.S. Moss, Owens, Pinson, Pope, Sandifer, Simrill, G.M. Smith, G.R. Smith, Tallon, Willis, Young and Forrester

S. Printed 5/9/12--S.

Read the first time April 25, 2012.

            

THE COMMITTEE ON FINANCE

To whom was referred a Bill (H. 4996) to amend Section 12-6-545, as amended, Code of Laws of South Carolina, 1976, relating to income tax rates for pass-through trade and business, etc., respectfully

REPORT:

That they have duly and carefully considered the same and recommend that the same do pass:

HUGH K. LEATHERMAN, SR. for Committee.

            

A BILL

TO AMEND SECTION 12-6-545, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INCOME TAX RATES FOR PASS-THROUGH TRADE AND BUSINESS INCOME, SO AS TO REDUCE THE TAX RATE FROM FIVE PERCENT TO THREE PERCENT.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Section 12-6-545(B)(2)    of the 1976 Code is amended read:

"(2)    The rate of the income tax imposed pursuant to this subsection is:

Taxable Year Beginning in    Rate of Tax

2006                            6.5 percent

2007                            6 percent

2008                         5.5 percent

after 2008 through 2011        5 percent

2012                            4.5 percent

2013                            4 percent

2014                            3.5 percent

after 2014                            3 percent"

SECTION    2.    This act takes effect upon approval by the Governor.

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