South Carolina General Assembly
117th Session, 2007-2008
S. 90
STATUS INFORMATION
General Bill
Sponsors: Senators Campsen, Ryberg, Vaughn, McConnell, Courson, Ritchie, Knotts and Bryant
Document Path: l:\council\bills\bbm\9614htc07.doc
Introduced in the Senate on January 9, 2007
Currently residing in the Senate Committee on Finance
Summary: Income tax brackets
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
11/29/2006 Senate Prefiled
11/29/2006 Senate Referred to Committee on Finance
12/4/2006 Scrivener's error corrected
1/9/2007 Senate Introduced and read first time SJ-66
1/9/2007 Senate Referred to Committee on Finance SJ-66
VERSIONS OF THIS BILL
11/29/2006
12/4/2006
1
2
3
4
5
6
7
8
9 A BILL
10
11 TO ENACT THE TAXPAYER INFLATION PROTECTION
12 ACT BY AMENDING SECTION 12-6-520, CODE OF LAWS
13 OF SOUTH CAROLINA, 1976, RELATING TO ANNUAL
14 INFLATION ADJUSTMENTS TO STATE INDIVIDUAL
15 INCOME TAX BRACKETS, SO AS TO DELETE THE
16 PROVISION LIMITING THE INFLATION ADJUSTMENT TO
17 ONE-HALF OF THE ACTUAL INFLATION RATE AND THE
18 OVERALL FOUR PERCENT LIMIT ON THE TOTAL
19 INFLATION ADJUSTMENT, AND TO DELETE REDUNDANT
20 LANGUAGE.
21
22 Be it enacted by the General Assembly of the State of South
23 Carolina:
24
25 SECTION 1. A.This section may be cited as the Taxpayer
26 Inflation Protection Act.
27
28 B. Section 12-6-520 of the 1976 Code is amended to read:
29
30 “Section 12-6-520. Each December 15, the department shall
31 cumulatively adjust the brackets in Section 12-6-510 in the same
32 manner that brackets are adjusted in Internal Revenue Code
33 Section (1)(f). However, the adjustment is limited to one-half of
34 the adjustment determined by Internal Revenue Code Section
35 (1)(f), may not exceed four percent a year, and but the rounding
36 amount provided in (1)(f)(6) is deemed to be ten dollars. The
37 brackets, as adjusted, apply in lieu of those provided in Section
38 12-6-510 for taxable years beginning in the succeeding calendar
39 year. Inflation adjustments must be made cumulatively to the
40 income tax brackets.”
41
[90] 1
1 SECTION 2. This act takes effect upon approval by the Governor
2 and first applies for income tax brackets applicable for taxable year
3 2007.
4 ----XX----
5
[90] 2