Bill Text: SC H4996 | 2011-2012 | 119th General Assembly | Comm Sub
Bill Title: Income tax rates
Spectrum: Partisan Bill (Republican 56-0)
Status: (Engrossed - Dead) 2012-05-09 - Committee report: Favorable Finance [H4996 Detail]
Download: South_Carolina-2011-H4996-Comm_Sub.html
COMMITTEE REPORT
May 9, 2012
H. 4996
Introduced by Reps. Stringer, Bingham, Harrell, White, McCoy, Norman, Clemmons, Quinn, Ballentine, Ryan, Brannon, Bedingfield, Spires, Thayer, Parker, Taylor, Daning, Hearn, J.R. Smith, Patrick, Murphy, Bowen, Lowe, Nanney, Hiott, Sottile, Loftis, Allison, Atwater, Bannister, Chumley, Crosby, Delleney, Erickson, Hamilton, Hardwick, Henderson, Herbkersman, Hixon, Horne, Limehouse, Long, Merrill, D.C. Moss, V.S. Moss, Owens, Pinson, Pope, Sandifer, Simrill, G.M. Smith, G.R. Smith, Tallon, Willis, Young and Forrester
S. Printed 5/9/12--S.
Read the first time April 25, 2012.
To whom was referred a Bill (H. 4996) to amend Section 12-6-545, as amended, Code of Laws of South Carolina, 1976, relating to income tax rates for pass-through trade and business, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
HUGH K. LEATHERMAN, SR. for Committee.
A BILL
TO AMEND SECTION 12-6-545, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INCOME TAX RATES FOR PASS-THROUGH TRADE AND BUSINESS INCOME, SO AS TO REDUCE THE TAX RATE FROM FIVE PERCENT TO THREE PERCENT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-545(B)(2) of the 1976 Code is amended read:
"(2) The rate of the income tax imposed pursuant to this subsection is:
Taxable Year Beginning in Rate of Tax
2006 6.5 percent
2007 6 percent
2008 5.5 percent
after 2008 through 2011 5 percent
2012 4.5 percent
2013 4 percent
2014 3.5 percent
after 2014 3 percent"
SECTION 2. This act takes effect upon approval by the Governor.
