South Carolina H 3498: Income tax brackets

Bill Text

2025-2026 Bill 3498 Text of Previous Version (Dec. 06, 2024) - South Carolina Legislature Online 

South Carolina General Assembly
126th Session, 2025-2026

Bill 3498

Indicates Matter Stricken
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A bill

to amend the South Carolina Code of Laws by amending 
Section 12-6-510, relating to individual income taxes, so as to provide that 
the first one million dollars of taxable income is taxed at a rate of zero 
percent and the top marginal rate applies thereafter to amounts over one 
million dollars.

Be it enacted by the 
General Assembly of the State of South Carolina:

SECTION 1. Section 12-6-510 of the S.C. Code is amended by adding 
a subsection to read:

 (D) Notwithstanding subsections (A) and 
(B), for taxable years beginning after 2024, 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:

 25

 At least

 But not less than

 Compute the tax as follows

 26

 $0

 $1,000,000

 0% times the amount

 27

 28

 $1,000,000

 or more

 6% times the amount over $1,000,000

SECTION 2. This act takes effect upon approval 
by the Governor.

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This web page was last updated on December 06, 2024 at 12:20 PM