South Carolina General Assembly
119th Session, 2011-2012

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H. 4996

STATUS INFORMATION

General Bill
Sponsors: Reps. Stringer, Bingham, Harrell, White, McCoy, Norman, Clemmons, Quinn, Ballentine, Ryan, Brannon, Bedingfield, Spires, Thayer, Parker, Taylor, Daning, Hearn, J.R. Smith, Patrick, Murphy, Bowen, Lowe, Nanney, Hiott, Sottile, Loftis, Allison, Atwater, Bannister, Chumley, Crosby, Delleney, Erickson, Hamilton, Hardwick, Henderson, Herbkersman, Hixon, Horne, Limehouse, Long, Merrill, D.C. Moss, V.S. Moss, Owens, Pinson, Pope, Sandifer, Simrill, G.M. Smith, G.R. Smith, Tallon, Willis, Young and Forrester
Document Path: l:\council\bills\nbd\12192dg12.docx
Companion/Similar bill(s): 4994, 4995, 4997

Introduced in the House on March 13, 2012
Introduced in the Senate on April 25, 2012
Last Amended on April 24, 2012
Currently residing in the Senate

Summary: Income tax rates

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   3/13/2012  House   Introduced and read first time (House Journal-page 10)
   3/13/2012  House   Referred to Committee on Ways and Means 
                        (House Journal-page 10)
   3/13/2012  House   Member(s) request name added as sponsor: Forrester
   3/28/2012  House   Committee report: Favorable Ways and Means 
                        (House Journal-page 45)
   4/24/2012  House   Requests for debate-Rep(s). Ott, Stringer, GR Smith, RL 
                        Smith, Corbin, Weeks, Loftis, Hamilton, Bedingfield, 
                        Nanney, Henderson, Anderson, McCoy, Hosey, Gilliard, 
                        RL Brown, Cobb-Hunter, HB Brown, Jefferson, Parker, 
                        Williams, Allison, Neilson, Brantley, Forrester, 
                        Crawford, McEachern, Knight (House Journal-page 38)
   4/24/2012  House   Amended (House Journal-page 76)
   4/24/2012  House   Read second time (House Journal-page 76)
   4/24/2012  House   Roll call Yeas-104  Nays-3 (House Journal-page 77)
   4/25/2012  House   Read third time and sent to Senate 
                        (House Journal-page 43)
   4/25/2012  House   Roll call Yeas-108  Nays-0 (House Journal-page 43)
   4/25/2012  Senate  Introduced and read first time (Senate Journal-page 10)
   4/25/2012  Senate  Referred to Committee on Finance (Senate Journal-page 10)
    5/9/2012  Senate  Committee report: Favorable Finance 
                        (Senate Journal-page 11)

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

3/13/2012
3/28/2012
4/24/2012
5/9/2012

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

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COMMITTEE REPORT

May 9, 2012

H. 4996

Introduced by Reps. Stringer, Bingham, Harrell, White, McCoy, Norman, Clemmons, Quinn, Ballentine, Ryan, Brannon, Bedingfield, Spires, Thayer, Parker, Taylor, Daning, Hearn, J.R. Smith, Patrick, Murphy, Bowen, Lowe, Nanney, Hiott, Sottile, Loftis, Allison, Atwater, Bannister, Chumley, Crosby, Delleney, Erickson, Hamilton, Hardwick, Henderson, Herbkersman, Hixon, Horne, Limehouse, Long, Merrill, D.C. Moss, V.S. Moss, Owens, Pinson, Pope, Sandifer, Simrill, G.M. Smith, G.R. Smith, Tallon, Willis, Young and Forrester

S. Printed 5/9/12--S.

Read the first time April 25, 2012.

            

THE COMMITTEE ON FINANCE

To whom was referred a Bill (H. 4996) to amend Section 12-6-545, as amended, Code of Laws of South Carolina, 1976, relating to income tax rates for pass-through trade and business, etc., respectfully

REPORT:

That they have duly and carefully considered the same and recommend that the same do pass:

HUGH K. LEATHERMAN, SR. for Committee.

            

A BILL

TO AMEND SECTION 12-6-545, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INCOME TAX RATES FOR PASS-THROUGH TRADE AND BUSINESS INCOME, SO AS TO REDUCE THE TAX RATE FROM FIVE PERCENT TO THREE PERCENT.

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

SECTION    1.    Section 12-6-545(B)(2)    of the 1976 Code is amended read:

"(2)    The rate of the income tax imposed pursuant to this subsection is:

Taxable Year Beginning in    Rate of Tax

2006                            6.5 percent

2007                            6 percent

2008                         5.5 percent

after 2008 through 2011        5 percent

2012                            4.5 percent

2013                            4 percent

2014                            3.5 percent

after 2014                            3 percent"

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

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