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Current Status Bill Number:View additional legislative information at the LPITS web site.4444 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:20000113 Primary Sponsor:Robinson All Sponsors:Robinson, Wilkins, Quinn, Barfield, Barrett, H. Brown, Chellis, Cotty, Dantzler, Fleming, Gamble, Gilham, Hamilton, Harrell, Harrison, Hinson, Huggins, Keegan, Koon, Law, Leach, Martin, Meacham-Richardson, Riser, Rodgers, Sandifer, D. Smith, Stuart, Taylor, Walker, Young-Brickell, Whatley, Tripp, Cooper, Seithel, Allison, Altman, Beck, Campsen, Cato, Davenport, Easterday, Edge, Frye, Haskins, Kelley, Knotts, Lanford, Limehouse, Loftis, Lucas, McGee, McKay, Perry, Rice, Sharpe, Simrill, R. Smith, Trotter, Vaughn, Webb, Witherspoon and Woodrum Drafted Document Number:l:\council\bills\bbm\9133htc00.doc Residing Body:Senate Current Committee:Finance Committee 06 SF Date of Last Amendment:20000405 Subject:Income tax brackets, inflation adjustments, annual; certain limitations deleted; Taxation History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 20000406 Introduced, read first time, 06 SF referred to Committee House 20000406 Read third time, sent to Senate House 20000405 Amended, read second time House 20000330 Committee report: Favorable with 30 HWM amendment House 20000113 Introduced, read first time, 30 HWM referred to Committee Versions of This Bill Revised on March 30, 2000 - Word format Revised on April 5, 2000 - Word format
Indicates Matter Stricken
Indicates New Matter
AMENDED
April 5, 2000
H. 4444
Introduced by Reps. Robinson, Wilkins, Quinn, Barfield, Barrett, H. Brown, Chellis, Cotty, Dantzler, Fleming, Gamble, Gilham, Hamilton, Harrell, Harrison, Hinson, Huggins, Keegan, Koon, Law, Leach, Martin, Meacham-Richardson, Riser, Rodgers, Sandifer, D. Smith, Stuart, Taylor, Walker, Young-Brickell, Whatley, Tripp, Cooper, Seithel, Allison, Altman, Beck, Campsen, Cato, Davenport, Easterday, Edge, Frye, Haskins, Kelley, Knotts, Lanford, Limehouse, Loftis, Lucas, McGee, McKay, Perry, Rice, Sharpe, Simrill, R. Smith, Trotter, Vaughn, Webb, Witherspoon and Woodrum
S. Printed 4/5/00--H.
Read the first time January 13, 2000.
TO AMEND SECTION 12-6-520, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ANNUAL INFLATION ADJUSTMENTS TO STATE INCOME TAX BRACKETS, SO AS TO DELETE THE PROVISION LIMITING THE INFLATION ADJUSTMENT TO ONE-HALF OF THE ACTUAL INFLATION RATE AND THE OVERALL FOUR PERCENT LIMIT ON THE TOTAL INFLATION ADJUSTMENT AND TO DELETE REDUNDANT LANGUAGE.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-520 of the 1976 Code, as added by Act 76 of 1995, is amended to read:
"Section 12-6-520. Each December 15, the department shall cumulatively adjust the brackets in Section 12-6-510 in the same manner that brackets are adjusted in Internal Revenue Code Section (1)(f). However, the adjustment is limited to one-half of the adjustment determined by Internal Revenue Code Section (1)(f), may not exceed four percent a year, and but the rounding amount provided in (1)(f)(6) is ten dollars. The brackets, as adjusted, apply in lieu of those provided in Section 12-6-510 for taxable years beginning in the succeeding calendar year. Inflation adjustments must be made cumulatively to the income tax brackets."
SECTION 2. This act takes effect upon approval by the Governor and first applies for income tax brackets applicable for taxable year 2000. Notwithstanding the inflation adjustment required pursuant to Section 12-6-520 of the 1976 Code as amended by this section, the adjustment applicable for taxable year 2000 is limited to not less than seventy-five percent nor more than eighty-five percent of the adjustment otherwise required which must be determined based on the certification of the Board of Economic Advisors to the Department of Revenue as to the maximum percentage in that range that does not reduce general fund revenues by more than eighteen million dollars in fiscal year 2000-2001. Notwithstanding the date required for bracket adjustments provided in Section 12-6-520 of the 1976 Code as amended by this section, the adjustment required for taxable year 2000 brackets must be made no later than fifteen days after the effective date of this section.
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