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H. 3485
STATUS INFORMATION
General Bill
Sponsors: Rep. Talley
Document Path: l:\council\bills\bbm\9753ssp07.doc
Companion/Similar bill(s): 3438, 3482
Introduced in the House on February 8, 2007
Currently residing in the House Committee on Ways and Means
Summary: Income tax brackets
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-9
2/8/2007 House Referred to Committee on Ways and Means HJ-9
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND 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 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 is amended to read:
"Section 12-6-520. Each December 15, the department cumulatively 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 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.
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