2003-2004 Bill 3314: State income tax rates - South ...



South Carolina General Assembly

115th Session, 2003-2004

H. 3314

STATUS INFORMATION

General Bill

Sponsors: Rep. Scott

Document Path: l:\council\bills\ggs\22767htc03.doc

Companion/Similar bill(s): 173

Introduced in the House on January 15, 2003

Currently residing in the House Committee on Ways and Means

Summary: State income tax rates

HISTORY OF LEGISLATIVE ACTIONS

Date Body Action Description with journal page number

1/15/2003 House Introduced and read first time HJ-10

1/15/2003 House Referred to Committee on Ways and Means HJ-10

VERSIONS OF THIS BILL

1/15/2003

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-515 SO AS TO PROVIDE A MAXIMUM FIVE PERCENT STATE INCOME TAX RATE ON SOUTH CAROLINA TAXABLE INCOME RECEIVED BY A TAXPAYER IN THE TAXPAYER’S CAPACITY AS A SOLE PROPRIETOR OF A BUSINESS, A SHAREHOLDER OF A SUBCHAPTER “S” CORPORATION, PARTNER IN A PARTNERSHIP, OR MEMBER OF A LIMITED LIABILITY COMPANY.

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 12-6-515. Notwithstanding the rates imposed pursuant to Section 12-6-510, a maximum rate of five percent of South Carolina taxable income applies to income received by or attributed to a taxpayer as a result of the taxpayer’s status as a:

(1) sole proprietor of a business;

(2) shareholder of a subchapter ‘S’ corporation;

(3) partner in a partnership; or

(4) member of a limited liability company.

The special rate allowed by this section does not apply for a guaranteed payment to a partner for personal service rendered by the partner for the partnership.”

SECTION 2. Upon approval by the Governor, this act applies for taxable years beginning after 2002.

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