S1087: Comprehensive tax cut act of 2022

Legislative Summary

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