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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-511 SO AS TO ELIMINATE THE FOUR, FIVE, AND SIX PERCENT INCOME BRACKETS AND INSTEAD TAX THOSE INCOMES AT THREE PERCENT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 5, Chapter 6, Title 12 of the 1976 Code is amended by adding:
"Section 12-6-511. Notwithstanding the provisions of Section 12-6-510, for taxable years beginning after 2011, 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:
OVER BUT NOT OVER
$ 0 $ 2,800 0% times the amount
2,800 14,000 3% times the amount less $84
14,000 7% times the amount less $644
(B) The department may prescribe tax tables consistent with the rates set pursuant to subsection (A)."
SECTION 2. This act takes effect upon approval by the Governor.
This web page was last updated on March 13, 2012 at 11:03 AM