South Carolina General Assembly
116th Session, 2005-2006

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S. 460

STATUS INFORMATION

General Bill
Sponsors: Senators Campsen, Knotts, Elliott, McConnell, Malloy, Gregory, Hutto, Ryberg, Short, Sheheen, Thomas, Bryant, Mescher and Cromer
Document Path: l:\council\bills\ggs\22925htc05.doc

Introduced in the Senate on February 9, 2005
Currently residing in the Senate Committee on Finance

Summary: Inflation adjustment rates

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
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    2/9/2005  Senate  Introduced and read first time SJ-14
    2/9/2005  Senate  Referred to Committee on Finance SJ-14

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

2/9/2005

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

A BILL

TO ENACT THE TAXPAYER INFLATION PROTECTION ACT BY AMENDING SECTION 12-6-520, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ANNUAL INFLATION ADJUSTMENTS TO STATE INDIVIDUAL 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.    A.    This section may be cited as the Taxpayer Inflation Protection Act.

B.    Section 12-6-520 of the 1976 Code 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 deemed to be 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 2005.

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This web page was last updated on Friday, December 4, 2009 at 3:29 P.M.