South Carolina General Assembly
113th Session, 1999-2000

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Bill 4444


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Bill Number:                      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

View additional legislative information at the LPITS web site.


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

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.

            

A BILL

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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