SC H4334 | 2019-2020 | 123rd General Assembly

Status

Spectrum: Slight Partisan Bill (Republican 11-5)
Status: Introduced on March 27 2019 - 25% progression
Action: 2019-04-23 - Scrivener's error corrected
Pending: House Ways and Means Committee
Text: Latest bill text (Amended) [HTML]

Summary

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.

Tracking Information

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Title

SC Income Tax Act for Individuals, Trusts, and Estates

Sponsors


History

DateChamberAction
2019-04-23 Scrivener's error corrected
2019-04-03HouseMember(s) request name added as sponsor: Burns
2019-04-02HouseMember(s) request name added as sponsor: Forrest
2019-03-27HouseReferred to Committee on Ways and Means
2019-03-27HouseIntroduced and read first time

South Carolina State Sources


Bill Comments

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