H 4997 General Bill, By Stringer, Bingham, Harrell, Norman, Clemmons, Quinn, 
Ballentine, Spires, Brannon, McCoy, Ryan, Patrick, Bedingfield, Parker, Taylor, 
Brady, Murphy, Bowen, Hearn, Nanney, Sottile, Loftis, Lowe, J.R. Smith, Allison, 
Atwater, Bannister, Chumley, Crosby, Daning, 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 4996)
 A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION
 12-6-511 SO AS TO ELIMINATE THE FOUR, FIVE, AND SIX PERCENT INCOME BRACKETS
 AND INSTEAD TAX THOSE INCOMES AT 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 with amendment Ways
                     and Means (House Journal-page 44)
   04/24/12  House  Requests for debate-Rep(s). Ott, Cobb-Hunter,
                     Crawford, Lowe, Stringer, GR Smith, Clemmons,
                     Weeks, Corbin, Anderson, Gilliard, Bedingfield,
                     RL Brown, Hosey, JR Smith, Jefferson, Williams,
                     Parker, Neilson, Allison, Brantley, Erickson,
                     Forrester (House Journal-page 38)
   04/24/12  House  Amended (House Journal-page 67)
   04/24/12  House  Read second time (House Journal-page 72)
   04/24/12  House  Roll call Yeas-73  Nays-33
   04/25/12  House  Read third time and sent to Senate
                     (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)

H. 4997

AMENDED

April 24, 2012

H. 4997

Introduced by Reps. Stringer, Bingham, Harrell, Norman, Clemmons, Quinn, Ballentine, Spires, Brannon, McCoy, Ryan, Patrick, Bedingfield, Parker, Taylor, Brady, Murphy, Bowen, Hearn, Nanney, Sottile, Loftis, Lowe, J.R. Smith, Allison, Atwater, Bannister, Chumley, Crosby, Daning, 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 4/24/12--H.

Read the first time March 13, 2012.

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-511 SO AS TO ELIMINATE THE FOUR, FIVE, AND SIX PERCENT INCOME BRACKETS AND INSTEAD TAX THOSE INCOMES AT THREE PERCENT.

Amend Title To Conform

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

SECTION    1.    Article 5, Chapter 6, Title 12 of the 1976 Code is amended by adding:

"Section 12-6-511.    (A)    Notwithstanding the provisions of Section 12-6-510, for taxable years beginning after 2012, a tax is imposed on the South Carolina taxable income of individuals, estates, and trusts and any other entity except those taxed or exempted from taxation under Sections 12-6-530 through 12-6-550 computed at the following rates with the income brackets indexed in accordance with Section 12-6-520:

OVER            BUT NOT OVER

$    0    $ 2,800    0%         Times the amount

2,800    14,000    3.75%Times the amount less $105

14,000        7%     Times the amount less $560

(B)    The department may prescribe tax tables consistent with the rates set pursuant to subsection (A).

(C)    Notwithstanding subsection (A), a taxpayer with a South Carolina taxable income of $9,520 or less is not subject to the provisions of this section, but rather is subject to the rates and brackets imposed pursuant to Sections 12-6-510 and 12-6-515 until the highest income qualifying for the zero percent tax bracket pursuant to this section has attained $9,520.

(D)    The provisions of Sections 12-6-510, as indexed in accordance with Section 12-6-520, and Section 12-6-515 remain in effect until the highest income qualifying for the zero percent tax bracket pursuant to this section reaches $9,520."

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