H4216: Income tax

Legislative Summary

Amend The South Carolina Code Of Laws By Amending Section 12-6-510, Relating To Income Tax Rates For Individuals, Estates, And Trusts, So As To Reduce The Income Tax Rate To A Flat 3.99 Percent And To Set Forth Standards For Additional Reductions; By Amending Section 12-6-50, Relating To Internal Revenue Code Sections Specifically Not Adopted By The State, So As To Not Adopt The Federal Standard Deduction And Itemized Deduction; By Amending Section 12-6-1140, Relating To Income Tax Deductions, So As To Allow For A South Carolina Income Adjusted Deduction (sciad); By Amending Section 12-6-4910, Relating To Persons Required To File A Tax Return, So As To Make A Conforming Change To The Calculation; And By Amending Section 12-6-1720, Relating To Adjustments To The Taxable Income Of Nonresident Individuals, So As To Make A Conforming Change.