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S 1087 -
Comprehensive Tax Cut Act of 2022
Tracking Level:
Of Interest
Sponsor:
Harvey Peeler
(R)
Last Action:
6/28/2022 - Act No. 228
Senate Committee:
Fin
House Committee:
WM
Assigned To:
Finance/Revenue/Taxes
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Staff Analysis of the Legislation
05.05.2022
The House Ways and Means Committee gave this bill a favorable report as amended. The amendment strikes all of the Senate language and replaces it with the language from the House bill, H4880.
03.08.2022
The Senate Finance Committee gave this bill a favorable report as amended. The amendment sets a floor and ceiling amount for the tax rebate.
03.03.2022
A Senate Finance Special subcommittee gave this bill a favorable report as amended. The amendment inserts a placeholder for discussion on a $1 billion rebate section.
Summary of the bill as introduced
: Reduces the top marginal income tax rate to 5.7% and increases a property tax exemption for certain manufacturing property.
Bill Summary from the State Site -
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Session 124 - (2021-2022)
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(pdf format)
S*1087 (Rat #0259, Act #0228 of 2022) General Bill, By
Peeler
,
Alexander
,
Kimbrell
,
Shealy
,
Turner
,
Climer
,
M. Johnson
,
Martin
,
Corbin
,
Davis
,
Massey
,
Rice
,
Adams
,
Garrett
,
Cash
,
Young
,
Malloy
,
Williams
,
Loftis
,
Gambrell
,
Talley
,
Cromer
,
Scott
,
Jackson
,
Stephens
,
Campsen
,
Verdin
,
Grooms
and
McElveen
Summary:
Comprehensive tax cut act of 2022
AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, SO AS TO ENACT THE "COMPREHENSIVE TAX CUT ACT OF 2022"; TO AMEND SECTION 12-6-510, RELATING TO THE INDIVIDUAL INCOME TAX, SO AS TO PHASE-IN A REDUCTION OF THE TOP MARGINAL RATE TO SIX PERCENT AND TO COLLAPSE OTHER INCOME TAX BRACKETS INTO THE BRACKET TO WHICH THE THREE PERCENT RATE APPLIES; TO AMEND SECTION 12-6-1171, RELATING TO THE MILITARY RETIREMENT DEDUCTION, SO AS TO EXEMPT ALL MILITARY RETIREMENT INCOME; TO REPEAL SECTION 12-6-515 RELATING TO AN ARCHAIC INDIVIDUAL INCOME TAX PROVISION; TO AMEND SECTION 12-37-220, AS AMENDED, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO INCREASE A PROPERTY TAX EXEMPTION FOR CERTAIN MANUFACTURING PROPERTY AND TO INCREASE THE APPLICABLE LIMIT; AND TO APPROPRIATE ONE BILLION DOLLARS FROM THE CONTINGENCY RESERVE FUND TO THE TAXPAYER REBATE FUND TO PROVIDE REBATES TO INDIVIDUAL INCOME TAXPAYERS. - ratified title
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View Vote History
View Fiscal Impact
02/17/22
Senate
Introduced and read first time (
Senate Journal-page 6
)
02/17/22
Senate
Referred to Committee on Finance (
Senate Journal-page 6
)
03/08/22
Senate
Committee report: Favorable with amendment Finance (
Senate Journal-page 13
)
03/10/22
Senate
Committee Amendment Adopted (
Senate Journal-page 17
)
03/10/22
Senate
Read second time (
Senate Journal-page 17
)
03/10/22
Senate
Roll call
Ayes-40 Nays-0
(
Senate Journal-page 17
)
03/15/22
Senate
Read third time and sent to House (
Senate Journal-page 19
)
03/15/22
Senate
Roll call
Ayes-39 Nays-0
(
Senate Journal-page 19
)
03/29/22
House
Introduced and read first time (
House Journal-page 38
)
03/29/22
House
Referred to Committee on Ways and Means (
House Journal-page 38
)
05/05/22
House
Committee report: Favorable with amendment Ways and Means (
House Journal-page 83
)
05/06/22
Scrivener's error corrected
05/10/22
House
Amended (
House Journal-page 588
)
05/10/22
House
Read second time (
House Journal-page 588
)
05/10/22
House
Roll call
Yeas-110 Nays-0
(
House Journal-page 594
)
05/10/22
House
Reconsider vote whereby read second time (
House Journal-page 612
)
05/10/22
House
Debate adjourned (
House Journal-page 612
)
05/11/22
House
Motion to reconsider tabled
05/11/22
House
Read third time and returned to Senate with amendments (
House Journal-page 11
)
05/11/22
Senate
Non-concurrence in House amendment (
Senate Journal-page 178
)
05/11/22
House
House insists upon amendment and conference committee appointed Reps. Simrill, GM Smith, Rutherford (
House Journal-page 295
)
05/12/22
Senate
Conference committee appointed Peeler, Setzler, Alexander (
Senate Journal-page 34
)
06/15/22
House
Conference report received and adopted (
House Journal-page 47
)
06/15/22
House
Roll call
Yeas-110 Nays-0
(
House Journal-page 52
)
06/15/22
Senate
Conference report received and adopted (
Senate Journal-page 28
)
06/15/22
Senate
Roll call
Ayes-42 Nays-0
(
Senate Journal-page 28
)
06/15/22
Senate
Ordered enrolled for ratification (
Senate Journal-page 30
)
06/16/22
Ratified R 259
06/17/22
Signed By Governor
06/28/22
Effective date See Act for Effective Date
06/28/22
Act No. 228
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Phone: 803.799.9574, Fax: 803.933.1299,
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