South Carolina Statutes
§ 12-6-515 — State individual income tax bracket reduction.
Section repealed upon contingency. See, Editor's Note. Notwithstanding any other provision of law, for taxable years beginning after 2006, the rate of tax imposed pursuant to Section 12-6-510(A) on the lowest bracket of South Carolina taxable income is reduced from 2.5 percent to zero percent, and the Department of Revenue shall adjust amounts due in tax tables prescribed by the department.
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Legislative History
HISTORY: 2007 Act No. 115, SECTION 5, eff June 29, 2007. Editor's Note 2022 Act No. 228, SECTIONS 1 and 4, provide as follows: "SECTION 1. This act may be cited as the 'Comprehensive Tax Cut Act of 2022'." "SECTION 4.A. Section 12-6-515 of the 1976 Code is repealed. "B. This SECTION takes effect on January first of the first tax year in which the provisions of Section 12-6-510(B) are fully phased-in and the top marginal rate equals six percent."
Nearby Sections
15
§ 12-6-10
Short title.§ 12-6-1110
Modifications of gross, adjusted gross, and taxable income calculated under Internal Revenue Code.§ 12-6-1120
Gross income; computation; modifications.§ 12-6-1130
Taxable income; computation; modifications.§ 12-6-1140
Deductions from individual taxable income.§ 12-6-1160
Dependent deduction for resident individual.§ 12-6-1170
Retirement income deduction from taxable income for individual; Section 12-6-1171 deduction.§ 12-6-1200
Exclusion from taxable income of amounts excluded from federal income tax by United States treaty.§ 12-6-1220
Individual Development Account.§ 12-6-1610
Definitions.