Bill Text: SC H3498 | 2025-2026 | 126th General Assembly | Introduced
Bill Title: Income tax brackets
Spectrum: Partisan Bill (Republican 1-0)
Status: (N/A) 2024-12-05 - Referred to Committee on Ways and Means [H3498 Detail]
Download: South_Carolina-2025-H3498-Introduced.html
South Carolina General Assembly
126th Session, 2025-2026
Bill 3498
Indicates Matter Stricken
Indicates New Matter
(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)
A bill
to amend the South Carolina Code of Laws by amending Section 12-6-510, relating to individual income taxes, so as to provide that the first one million dollars of taxable income is taxed at a rate of zero percent and the top marginal rate applies thereafter to amounts over one million dollars.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-510 of the S.C. Code is amended by adding a subsection to read:
(D) Notwithstanding subsections (A) and (B), for taxable years beginning after 2024, 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:
|
25 |
At least |
But not less than |
Compute the tax as follows |
|
26 |
$0 |
$1,000,000 |
0% times the amount |
|
27 28 |
$1,000,000 |
or more |
6% times the amount over $1,000,000 |
This web page was last updated on December 06, 2024 at 12:20 PM
