Current Status Introducing Body:Senate Bill Number:205 Primary Sponsor:Passailaigue Committee Number:06 Type of Legislation:GB Subject:Income tax rates, brackets Residing Body:Senate Current Committee:Finance Computer Document Number:205 Introduced Date:Jan 08, 1991 Last History Body:Senate Last History Date:Jan 08, 1991 Last History Type:Introduced and read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Passailaigue Type of Legislation:General Bill
Bill Body Date Action Description CMN
---- ------ ------------ ------------------------------ ---
205 Senate Jan 08, 1991 Introduced and read first 06
time, referred to Committee
205 Senate Sep 17, 1990 Prefiled, referred to 06
Committee
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TO AMEND SECTION 12-7-210, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO STATE INDIVIDUAL INCOME TAX RATES AND BRACKETS, SO AS TO WIDEN THE SIX PERCENT BRACKET OVER THREE TAXABLE YEARS AND TO EXTEND THE AUTHORITY OF THE SOUTH CAROLINA TAX COMMISSION TO PRESCRIBE TAX TABLES; TO REPEAL SECTION 12-7-437, RELATING TO THE DEDUCTION ALLOWED FOR A PORTION OF NET LONG TERM CAPITAL GAINS; AND TO PROVIDE FOR INFLATION ADJUSTMENTS FOR THE REVISED BRACKETS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-7-210 of the 1976 Code, as last amended by Act 189 of 1989, is further amended to read:
"Section 12-7-210. (A) For a taxable years year beginning before in 1990, a tax is imposed on the South Carolina taxable income of individuals, estates, and trusts computed at the following rates:
Not over $4,000 3 percent of taxable income
over $4,000 but $120 plus 4 percent of
not over $6,000 the excess over $4,000
over $6,000 but $200 plus 5 percent of
not over $8,000 the excess over $6,000
over $8,000 but $300 plus 6 percent of
not over $10,000 the excess over $8,000
over $10,000 $420 plus 7 percent of
the excess over $10,000.
The commission may prescribe tax tables consistent with the rates set pursuant to this subsection for taxpayers with taxable incomes of less than fifty thousand dollars.
(B) For a taxable year beginning in 1990 1991, a tax is imposed on the South Carolina taxable income of individuals, estates, and trusts computed at the following rates:
Not over $2,000 2.75 percent of taxable income
over $2,000 but $55 plus 3 percent of
not over $4,000 the excess over $2,000
over $4,000 but $115 plus 4 percent of
not over $6,000 the excess over $4,000
over $6,000 but $195 plus 5 percent of
not over $8,000 the excess over $6,000
over $8,000 but $295 plus 6 percent of
not over $10,000 the excess over $8,000
$11,750
over $10,000 $11,750 $415 $520 plus 7 percent of the excess over $10,000 $11,750.
The commission may prescribe tax tables consistent with the rates set pursuant to this subsection for taxpayers with taxable incomes of less than fifty thousand dollars.
(C) For a taxable years year beginning in 1992 after 1990, a tax is imposed on the South Carolina taxable income of individuals, estates, and trusts computed at the following rates:
Not over $2,000 2.5 percent of taxable income
over $2,000 but $50 plus 3 percent of
not over $4,000 the excess over $2,000
over $4,000 but $110 plus 4 percent of
not over $6,000 the excess over $4,000
over $6,000 but $190 plus 5 percent of
not over $8,000 the excess over $6,000
over $8,000 but $290 plus 6 percent of
not over $10,000 the excess over $8,000
$14,150
over $10,000 $14,150 $410 $659 plus 7 percent of the excess over
$10,000 $14,150.
The commission may prescribe tax tables consistent with the rates set pursuant to this subsection for taxpayers with taxable incomes of less than fifty thousand dollars.
(D) For taxable years beginning after 1992, a tax is imposed on the South Carolina taxable income of individuals, estates, and trusts computed at the following rates:
Not over $2,000 2.5 percent of taxable income
over $2,000 but $50 plus 3 percent of
not over $4,000 the excess over $2,000
over $4,000 but $110 plus 4 percent of
not over $6,000 the excess over $4,000
over $6,000 but $190 plus 5 percent of
not over $8,000 the excess over $6,000
over $8,000 but $290 plus 6 percent of
not over $17,500 the excess over
$8,000
over $17,500 $860 plus 7 percent
of the excess over $17,500.
(E) The commission may prescribe tax tables consistent with the rates set pursuant to this section for taxpayers as it determines appropriate."
SECTION 2. Section 12-7-437 of the 1976 Code is repealed.
SECTION 3. For purposes of the bracket adjustments required pursuant to Section 12-7-215 of the 1976 Code, brackets provided in Section 12-7-210 of the 1976 Code as amended by this act are considered to have been in effect from the date of the first adjustment required pursuant to Section 12-7-215.
SECTION 4. This act takes effect upon approval by the Governor.