(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:

South Carolina Individual Income Tax Rates for 2005

BUT NOT

OVER-- OVER-- -0-

$ 0 $2,530 2.5% Times the amount

2,530 5,060 3% Times the amount less $ 13

5,060 7,590 4% Times the amount less $ 63

7,590 10,120 5% Times the amount less $139

10,120 12,650 6% Times the amount less $240

12,650 + or more 7% Times the amount less $367