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 $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.

2. (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

2016 TAX COMPUTATION SCHEDULE
If the amount on line 3 of worksheet is:
Compute the tax as follows:
OVER -
BUT NOT

OVER-
-0-
$0
$2,920
0% Times the amount
2,920
5,840
3% Times the amount less $ 88
5,840
8,760
4% Times the amount less $146
8,760
11,680
5% Times the amount less $234
11,680
14,600
6% Times the amount less $350
14,600+
or more
7% Times the amount less $496