South Carolina General Assembly
113th Session, 1999-2000

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Bill 1418

Indicates Matter Stricken
Indicates New Matter

                    Current Status

Bill Number:                      1418
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  20000531
Primary Sponsor:                  Passailaigue
All Sponsors:                     Passailaigue
Drafted Document Number:          l:\council\bills\bbm\9692htc00.doc
Companion Bill Number:            5154
Residing Body:                    Senate
Current Committee:                Finance Committee 06 SF
Subject:                          Income tax rates, maximum of five percent 
                                  for certain taxpayers of businesses, 
                                  corporations, partnerships, company


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
------  20000601  Companion Bill No. 5154
Senate  20000531  Introduced, read first time,           06 SF
                  referred to Committee


              Versions of This Bill
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-515, SO AS TO PROVIDE A MAXIMUM FIVE PERCENT STATE INCOME TAX RATE ON SOUTH CAROLINA TAXABLE INCOME RECEIVED BY A TAXPAYER IN THE TAXPAYER'S CAPACITY AS A SOLE PROPRIETOR OF A BUSINESS, A SHAREHOLDER OF A SUBCHAPTER "S" CORPORATION, PARTNER IN A PARTNERSHIP, OR MEMBER OF A LIMITED LIABILITY COMPANY.

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 12-6-515. Notwithstanding the rates imposed pursuant to Section 12-6-510, a maximum rate of five percent of South Carolina taxable income applies to income received by or attributed to a taxpayer as a result of the taxpayer's status as a:

(1) sole proprietor of a business;

(2) shareholder of a subchapter 'S' corporation;

(3) partner in a partnership; or

(4) member of a limited liability company.

The special rate allowed by this section does not apply for a guaranteed payment to a partner for personal service rendered by the partner for the partnership."

SECTION 2. Upon approval by the Governor, this act applies for taxable years beginning after 1999.

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