South Carolina General Assembly
117th Session, 2007-2008

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H. 3482

STATUS INFORMATION

General Bill
Sponsors: Rep. Talley
Document Path: l:\council\bills\bbm\9752ssp07.doc
Companion/Similar bill(s): 3438, 3485

Introduced in the House on February 8, 2007
Currently residing in the House Committee on Ways and Means

Summary: Income Tax Act

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
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    2/8/2007  House   Introduced and read first time HJ-8
    2/8/2007  House   Referred to Committee on Ways and Means HJ-8

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

2/8/2007

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

A BILL

TO AMEND SECTION 12-6-510, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE RATES AND INCOME BRACKETS APPLICABLE FOR INDIVIDUALS, ESTATES, AND TRUSTS FOR PURPOSES OF THE SOUTH CAROLINA INCOME TAX ACT, SO AS TO REDUCE THE TOP MARGINAL TAX RATE FROM SEVEN PERCENT TO 6.6 PERCENT AND TO UPDATE THE BRACKETS TO REFLECT PAST INFLATION ADJUSTMENTS.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Section 12-6-510(A) of the 1976 Code is amended to read:

"(A)    For taxable years beginning after 1994 2006, a tax is imposed on the South Carolina taxable income of individuals, estates, and trusts and any other entity except those taxed or exempted from taxation under Sections 12-6-530 through 12-6-550 computed at the following rates with the income brackets indexed in accordance with Section 12-6-520:

Not over $2220                    2.5 percent of taxable income

over $2,220 but                    $56 plus 3 percent of

not over $4,440                    the excess over $2,220;

over $4,440 but                    $123 plus 4 percent of

not over $6,660                    the excess over $4,440;

over $6,660 but                    $212 plus 5 percent of

not over $8,880                    the excess of $6,660;

over $8,880 but                    $323 plus 6 percent of

not over $11,100                the excess over $8,880;

over $11,100                            $456 plus 7 percent of

the excess over $11,100.

OVER            BUT NOT

OVER                             -0-

$        0                    $2,630            2.5% Times the amount

2,630                5,260            3% Times the amount less $13

5,260                7,890            4% Times the amount less $66

7,890                10,520            5% Times the amount less $144

10,520                13,150            6% Times the amount less $250

13,150+                or more        6.6% Times the amount less $381."

SECTION    2.    This act takes effect upon approval by the Governor.

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