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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.
This web page was last updated on Monday, June 22, 2009 at 2:39 P.M.