The bill H. 3125 proposes significant changes to the South Carolina tax code by eliminating the individual income tax for individuals, estates, and trusts. It introduces a new section, 12-6-511, which states that no tax will be imposed on the taxable income of these entities for tax years beginning after 2024. Additionally, the bill repeals several existing sections of the tax code, specifically sections 12-6-510, 12-6-515, 12-6-520, and 12-6-545, which relate to tax rates, income tax brackets, and annual adjustments to those brackets.

The overall effect of this legislation is to remove the income tax burden from individuals and related entities in South Carolina, thereby simplifying the tax structure and potentially encouraging economic growth. The bill is set to take effect upon approval by the Governor, marking a significant shift in the state's approach to taxation.

Statutes affected:
12/05/2024: 12-6-511, 12-6-510, 12-6-515, 12-6-520, 12-6-545
Latest Version: 12-6-511, 12-6-510, 12-6-515, 12-6-520, 12-6-545