2015-2016 Bill 4228: Income tax brackets - South Carolina ...



South Carolina General Assembly121st Session, 2015-2016H. 4228STATUS INFORMATIONGeneral BillSponsors: Reps. Pope, Stringer, Herbkersman, Felder, Thayer, Merrill, Crosby, Horne, Corley, Long and LoweDocument Path: l:\council\bills\bbm\9361dg15.docxIntroduced in the House on May 26, 2015Currently residing in the House Committee on Ways and MeansSummary: Income tax bracketsHISTORY OF LEGISLATIVE ACTIONSDateBodyAction Description with journal page number5/26/2015HouseIntroduced and read first time (House Journalpage?14)5/26/2015HouseReferred to Committee on Ways and Means (House Journalpage?14)View the latest legislative information at the websiteVERSIONS OF THIS BILL5/26/2015A BILLTO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 126511 SO AS TO ELIMINATE THE FOUR, FIVE, AND SIX PERCENT INCOME BRACKETS AND INSTEAD TAX THOSE INCOMES AT THREE AND 75/100THS PERCENT.Be it enacted by the General Assembly of the State of South Carolina:SECTION1.Article 5, Chapter 6, Title 12 of the 1976 Code is amended by adding:“Section 126511.(A)Notwithstanding the provisions of Section 126510, 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 126530 through 126550 computed at the following rates with the income brackets indexed in accordance with Section 126520:OVERBUT NOT OVER $0$2,9100% Times the amount2,91014,5503.75%Times the amount less $10714,5507%Times the amount less $570(B)The department may prescribe tax tables consistent with the rates set pursuant to subsection (A).(C)Notwithstanding subsection (A), a taxpayer with a South Carolina taxable income of $9,894 or less is not subject to the provisions of this section, but rather is subject to the rates and brackets imposed pursuant to Sections 126510 and 126515 until the highest income qualifying for the zero percent tax bracket pursuant to this section has attained $9,894. (D)The provisions of Sections 126510, as indexed in accordance with Section 126520, and Section 126515 remain in effect until the highest income qualifying for the zero percent tax bracket pursuant to this section reaches $9,894.(E)A taxpayer that is eligible to elect the income tax rate established in Section 126545 instead of the income tax rate established in Section 126510, also may elect the income tax rate established in Section 126545 instead of the income tax rate set forth in this section.”SECTION2.This act takes effect upon approval by the Governor.XX ................
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