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Bill 33

                    Current Status

Bill Number:                      33
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  20010110
Primary Sponsor:                  Passailaigue
All Sponsors:                     Passailaigue, Ford, Mescher, Reese, 
                                  Rankin, Branton
Drafted Document Number:          l:\s-res\elp\010five.whb.doc
Companion Bill Number:            3454
Residing Body:                    Senate
Current Committee:                Finance Committee 06 SF
Subject:                          Income tax rates, maximum on businesses, 
                                  corporations, partnerships; owner, 
                                  shareholder, etc. of; Taxation


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
------  20010220  Companion Bill No. 3454
Senate  20010110  Introduced, read first time,           06 SF
                  referred to Committee


              Versions of This Bill

TO AMEND CHAPTER 6 OF TITLE 12 OF THE CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE IMPOSITION OF TAX RATES, 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, 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 2000.

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