The bill H. 3733 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 for income tax.

If enacted, this legislation would effectively remove the income tax burden from individuals and related entities in South Carolina, streamlining the tax process by eliminating the need for filings and withholdings associated with income tax. The bill is set to take effect upon approval by the Governor and will first apply to tax years starting after 2024.

Statutes affected:
01/15/2025: 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