(A) For taxable years beginning after 1994, a tax is imposed on the South Carolina taxable income of individuals, estates, and trusts and any other entity except those taxed or exempted from taxation under Sections 12-6-530 through 12-6-550 computed at the following rates with the income brackets indexed in accordance with Section 12-6-520:
Not over $2,220 2.5 percent of taxable income Over $2,220 but not over $4,440 $56 plus 3 percent of the excess over $2,220; Over $4,440 but not over $6,660 $123 plus 4 percent of the excess over $4,440; Over $6,660 but not over $8,880 $212 plus 5 percent of the excess of $6,660; Over $8,880 but not over $11,100 $323 plus 6 percent of the excess over $8,880; Over $11,100 $456 plus 7 percent of the excess over $11,100.
(B) The department may prescribe tax tables consistent with the rates set pursuant to subsection (A).
HISTORY: 1995 Act No. 76, Section 1.
Editor's Note
2020 TAX COMPUTATION SCHEDULE If the amount on line 3 of worksheet is: Compute the tax as follows: AT LEAST- BUT LESS
THAN- -0- $0 $3,070 0% Times the amount 3,070 6,150 3% Times the amount less $ 92 6,150 9,230 4% Times the amount less $154 9,230 12,310 5% Times the amount less $246 12,310 15,400 6% Times the amount less $369 15,400 or more 7% Times the amount less $523