1. (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 $56 plus 3 percent of the excess over $2,220;

   $4,440

   Over $4,440 but not over $123 plus 4 percent of the excess over $4,440;

   $6,660

   Over $6,660 but not over $212 plus 5 percent of the excess of $6,660;

   $8,880

   Over $8,880 but not over $323 plus 6 percent of the excess over $8,880;

   $11,100

   Over $11,100 $456 plus 7 percent of the excess over

   $11,100.

2. (B) The department may prescribe tax tables consistent with the rates set pursuant to subsection (A).

HISTORY: 1995 Act No. 76, Section 1.