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Sponsors: Reps. Hicks, Quinn, Ballentine, Huggins, Atwater, Hill, Bedingfield, Bingham, Hamilton, G.R. Smith, Stringer, Thayer, Toole, Willis, Yow, Long, Jordan, Merrill, Cole, Clyburn, Hosey, Corley, Limehouse, Anderson, Brannon, Allison, Kennedy and Johnson
Document Path: l:\council\bills\dka\3103sa15.docx
Introduced in the House on May 7, 2015
Currently residing in the House Committee on Ways and Means
Summary: Income tax
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 5/7/2015 House Introduced and read first time (House Journal-page 63) 5/7/2015 House Referred to Committee on Ways and Means (House Journal-page 63) 5/12/2015 House Member(s) request name added as sponsor: Yow, Long, Jordan, Merrill, Cole, Clyburn, Hosey, Corley, Limehouse, Anderson, Brannon, Allison, Kennedy 5/27/2015 House Member(s) request name added as sponsor: Johnson
View the latest legislative information at the website
VERSIONS OF THIS BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-517 SO AS TO REPLACE THE INCOME TAX IMPOSED ON THE TAXABLE INCOME OF INDIVIDUALS, ESTATES, TRUSTS, AND CERTAIN OTHER ENTITIES IN TAX YEARS BEGINNING AFTER 2014 BY REDUCING THE RATE OF TAXATION BY ONE QUARTER OF ONE PERCENT FOR FOUR YEARS.
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 12-6-517. (A) Notwithstanding Section 12-6-510, for taxable years beginning after 2014, 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 Tax Plus Rate Of Excess Over
$ 0 $ 2,880 $ 0 0% $ 0
$ 2,880 $ 5,760 $ 0 2.75% $ 2,880
$ 5,760 $ 8,640 $ 46 3.75% $ 5,760
$ 8,640 $11,520 $121 4.75% $ 8,640
$11,520 $14,400 $225 5.75% $11,520
$14,400 $357 6.75% $14,400
(B) Beginning with taxable year 2016, based on the rates and tax brackets that applied in tax year 2015, the rate of tax imposed pursuant to subsection (A) on South Carolina taxable income on all brackets of South Carolina taxable income is reduced by one quarter of one percent each year. The tax rate reductions required by this section are cumulative and shall cease after tax year 2018, at which time the reduction in each affected tax bracket is permanent.
(C) The department may prescribe tax tables consistent with the rates set pursuant to subsection (A). The department cumulatively shall adjust these brackets in the same manner as provided in Section 12-6-520, beginning in tax year 2015 and each year after.
(D) A taxpayer who is eligible to elect the income tax rate established in Section 12-6-545, instead of the income tax rate established in Section 12-6-510, also may elect the income tax rate established in Section 12-6-545, instead of the income tax rate set forth in this section."
SECTION 2. This act takes effect upon approval by the Governor.
This web page was last updated on May 27, 2015 at 12:51 PM