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Bill 3454

                    Current Status

Bill Number:                      3454
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20010201
Primary Sponsor:                  Knotts
All Sponsors:                     Knotts and Whatley
Drafted Document Number:          l:\council\bills\bbm\9874htc01.doc
Companion Bill Number:            33
Residing Body:                    House
Current Committee:                Ways and Means Committee 30 HWM
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. 33
House   20010201  Introduced, read first time,           30 HWM
                  referred to Committee


              Versions of This 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 2000.

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