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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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