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H. 4550
STATUS INFORMATION
General Bill
Sponsors: Reps. Harrell, W.D. Smith, Cooper, Cato, Harrison, Walker, Witherspoon, White, Young, Littlejohn, G.R. Smith, Toole, Huggins, Bedingfield, Lowe, Viers, Herbkersman, Duncan, Skelton, Haley, Hardwick, Frye, Erickson, Bingham, Bowen, Brady, Taylor, Mahaffey, J.R. Smith, Hutson, Pinson, Bannister, Clemmons, Delleney, Gambrell, Merrill, Mulvaney, E.H. Pitts, Rice, Sandifer, Shoopman, D.C. Smith, Spires, Umphlett, Whitmire, Cotty, Loftis, Vick, Owens, Knight, Talley and Leach
Document Path: l:\council\bills\bbm\10301htc08.doc
Introduced in the House on January 24, 2008
Introduced in the Senate on April 9, 2008
Currently residing in the Senate Committee on Finance
Summary: Tax reductions
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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1/24/2008 House Introduced and read first time HJ-2
1/24/2008 House Referred to Committee on Ways and Means HJ-3
1/30/2008 House Member(s) request name added as sponsor: Cotty
3/11/2008 House Committee report: Favorable Ways and Means HJ-78
3/13/2008 House Member(s) request name added as sponsor: Loftis
3/13/2008 House Debate adjourned until Tuesday, March 25, 2008 HJ-27
3/25/2008 House Member(s) request name added as sponsor: Vick, Owens,
Knight
3/25/2008 House Debate adjourned until Wednesday, March 26, 2008 HJ-42
3/26/2008 House Debate adjourned until Thursday, March 27, 2008 HJ-29
3/27/2008 House Debate adjourned until Tuesday, April 1, 2008 HJ-21
4/1/2008 House Member(s) request name added as sponsor: Talley
4/1/2008 House Objection by Rep. Cobb-Hunter HJ-28
4/1/2008 House Requests for debate-Rep(s). Kennedy, JH Neal,
Moody-Lawrence, Breeland, Littlejohn, Mack, Haskins,
Harvin, Merrill, Cooper, Ott, Skelton, and Thompson
HJ-28
4/2/2008 House Member(s) request name added as sponsor: Leach
4/2/2008 House Read second time HJ-44
4/2/2008 House Roll call Yeas-100 Nays-14 HJ-50
4/3/2008 House Debate adjourned until Tuesday, April 8, 2008 HJ-53
4/9/2008 House Read third time and sent to Senate HJ-41
4/9/2008 Senate Introduced and read first time SJ-10
4/9/2008 Senate Referred to Committee on Finance SJ-10
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
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COMMITTEE REPORT
March 11, 2008
H. 4550
Introduced by Reps. Harrell, W.D. Smith, Cooper, Cato, Harrison, Walker, Witherspoon, White, Young, Littlejohn, G.R. Smith, Toole, Huggins, Bedingfield, Lowe, Viers, Herbkersman, Duncan, Skelton, Haley, Hardwick, Frye, Erickson, Bingham, Bowen, Brady, Taylor, Mahaffey, J.R. Smith, Hutson, Pinson, Bannister, Clemmons, Delleney, Gambrell, Merrill, Mulvaney, E.H. Pitts, Rice, Sandifer, Shoopman, D.C. Smith, Spires, Umphlett, Whitmire and Cotty
S. Printed 3/11/08--H.
Read the first time January 24, 2008.
To whom was referred a Bill (H. 4550) to designate Section 5 of Act 115 of 2007 as Section 12-6-515, Code of Laws of South Carolina, 1976, relating to the reduction in the South Carolina, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
DANIEL T. COOPER for Committee.
TO DESIGNATE SECTION 5 OF ACT 115 OF 2007 AS SECTION 12-6-515, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REDUCTION IN THE SOUTH CAROLINA INDIVIDUAL INCOME TAX LIABILITY OF INDIVIDUALS BY SUBJECTING THE BOTTOM OF THE 2.5 PERCENT STATE INDIVIDUAL INCOME RATE TO A TAX RATE OF ZERO, SO AS TO PROVIDE FURTHER RATE REDUCTIONS FOR MARRIED TAXPAYERS BY REDUCING THE THREE PERCENT RATE TO TWO PERCENT OVER THREE YEARS AND TO DEFINE "MARRIED TAXPAYER" CONSISTENTLY WITH THE DEFINITION FOR MARRIAGE PROVIDED IN THE CONSTITUTION OF THIS STATE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. A. Section 5, Act 115 of 2007 is designated Section 12-6-515 and added in Article 5, Chapter 6, Title 12 of the 1976 Code.
B. Section 12-6-515 of the 1976 Code, as added by subsection A of this section, is amended to read:
"Section 12-6-515. (A) Notwithstanding any other provision of law, for taxable years beginning after 2006, the rate of tax imposed pursuant to Section 12-6-510(A) on the lowest bracket of South Carolina taxable income is reduced from 2.5 percent to zero percent, and the Department of Revenue shall adjust amounts due in tax tables prescribed by the department.
(B)(1) Notwithstanding the provisions of subsection (A) of this section, the rate of tax imposed pursuant to Section 12-6-510(A) on the current three percent bracket of married individuals filing a joint South Carolina income tax return is reduced according to the following schedule:
Taxable Year Applicable Rate
2008 2.7 percent
2009 2.4 percent
after 2009 2 percent.
(2) For purposes of this subsection, a married taxpayer is a taxpayer who:
(a) files a joint federal income tax return for the applicable taxable year; and
(b) is married in a lawful domestic union as provided pursuant to Section 15, Article XVII of the Constitution of this State.
(3) The Department of Revenue, in conformity with this subsection, shall adjust amounts due in tax tables prescribed by the department."
SECTION 2. This act takes effect upon approval by the Governor.
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