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4471Type of Legislation: General Bill GBIntroducing Body: HouseIntroduced Date: 20000120Primary Sponsor: DavenportAll Sponsors: DavenportDrafted Document Number: l:\council\bills\psd\7031htc00.docResiding Body: HouseCurrent Committee: Ways and Means Committee 30 HWMSubject: Income tax brackets, inflation adjustments, annual; certain limitations deleted, TaxationHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 20000120 Introduced, read first time, 30 HWM referred to Committee Versions of This 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.
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 date required for bracket adjustments provided in Section 12-6-520 of the 1976 Code as amended by this act, the adjustment required for taxable year 2000 brackets must be made no later than fifteen days after the effective date of this act.
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