Select a different bill



H 4334 - Enacts the South Carolina Income Tax Act for Individuals, Trusts and Estates

Tracking Level: Of Interest
Sponsor: Thomas Pope (R)
Last Action: 4/23/2019 - Scrivener's error corrected
House Committee: WM
Assigned To:
Finance/Revenue/TaxesNext Bill
Week of 03.25.2019Next Bill

Staff Analysis of the Legislation

Summary of the bill as introduced: Changes the state income tax rate to a flat rate of 4.85 percent in taxable year 2021 phasing down over five years to a rate of 4.5 percent.

Bill Summary from the State Site - Click for the State Summary Page / Click for Current Full Text
South Carolina Legislature Online - Bill Search by Bill Number
South Carolina Legislature




Instructions


 
Loading...
Session 123 - (2019-2020)Printer Friendly
(pdf format)
H 4334 General Bill, By Pope, Clemmons, Stringer, Daning, Bailey, Bennett, Taylor, Kirby, Brown, Chellis, Hayes, Jefferson, Jordan, Norrell, Forrest and Burns
Summary: SC Income Tax Act for Individuals, Trusts, and Estates
    A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING CHAPTER 5 TO TITLE 12 SO AS TO ENACT THE "SOUTH CAROLINA INCOME TAX ACT FOR INDIVIDUALS, TRUSTS, AND ESTATES", TO PROVIDE, BEGINNING WITH TAXABLE YEAR 2021, A SINGLE OR "FLAT" RATE INCOME TAX RATE OF 4.85 PERCENT, PHASING DOWN OVER FIVE YEARS TO A RATE OF 4.5 PERCENT, TO CHANGE THE STATE'S INDIVIDUAL INCOME TAX BASE FROM FEDERAL TAXABLE INCOME TO FEDERAL ADJUSTED GROSS INCOME, TO PROVIDE FOR MODIFICATIONS TO FEDERAL ADJUSTED GROSS INCOME TO ARRIVE AT SOUTH CAROLINA TAXABLE INCOME, TO PROVIDE THAT THESE MODIFICATIONS INCLUDE A SOUTH CAROLINA STANDARD DEDUCTION, SOUTH CAROLINA PERSONAL EXEMPTION, SOUTH CAROLINA DEPENDENT EXEMPTION, AND OTHER ADJUSTMENTS TO FEDERAL ADJUSTED GROSS INCOME, BOTH INCREASES AND DECREASES, TO ALLOW A CREDIT AGAINST A TAXPAYER'S INCOME TAX LIABILITY UNDER THIS NEW CHAPTER TO OFFSET DOUBLE TAXATION WHEN THE TAXPAYER'S INCOME IS SUBJECT TO INCOME TAX IN THIS STATE AND ANOTHER STATE OR JURISDICTION, AND TO ALLOW OTHER TRANSITIONAL CREDITS FOR CREDITS ACCRUED AND ALLOWED UNDER FORMER LAW THAT ARE IN CARRYFORWARD STATUS AFTER 2020.
View full text
03/27/19House Introduced and read first time (House Journal-page 49)
03/27/19House Referred to Committee on Ways and Means (House Journal-page 49)
04/02/19House Member(s) request name added as sponsor: Forrest
04/03/19House Member(s) request name added as sponsor: Burns
04/23/19 Scrivener's error corrected



Legislative Services Agency
h t t p : / / w w w . s c s t a t e h o u s e . g o v









Municipal Association of South Carolina
1411 Gervais St., PO Box 12109, Columbia, SC 29211
Phone: 803.799.9574, Fax: 803.933.1299, mail@masc.sc