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us-sc/statute/12-6-520/block-1 — Code of Laws - Title 12 - Chapter 6- - TAXATION · Axiom

Code of Laws - Title 12 - Chapter 6- - TAXATION

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annual_bracket_inflation_adjustment_cap

Parameter

source: S.C. Code § 12-6-520

- name: annual_bracket_inflation_adjustment_cap
  kind: parameter
  dtype: Rate
  source: S.C. Code § 12-6-520
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us-sc/statute/12-6-520
            excerpt: the adjustment may not exceed four percent a year
  versions:
    - effective_from: '2018-12-15'
      formula: '0.04'

bracket_rounding_amount

Parameter

source: S.C. Code § 12-6-520

- name: bracket_rounding_amount
  kind: parameter
  dtype: Money
  unit: USD
  source: S.C. Code § 12-6-520
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us-sc/statute/12-6-520
            excerpt: the rounding amount is ten dollars
  versions:
    - effective_from: '2018-12-15'
      formula: '10'

inflation_adjusted_income_tax_bracket_amount

Derived

source: S.C. Code § 12-6-520

- name: inflation_adjusted_income_tax_bracket_amount
  kind: derived
  entity: TaxUnit
  dtype: Money
  period: Year
  unit: USD
  source: S.C. Code § 12-6-520
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us-sc/statute/12-6-520
            excerpt: >-
              shall cumulatively adjust the brackets ... using the Chained Consumer Price Index for
              All Consumers
        - path: versions[0].formula
          kind: exception
          source:
            corpus_citation_path: us-sc/statute/12-6-520
            excerpt: the adjustment may not exceed four percent a year
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us-sc/statute/12-6-520
            excerpt: the rounding amount is ten dollars
        - path: versions[0].formula
          kind: effective_period
          source:
            corpus_citation_path: us-sc/statute/12-6-520
            excerpt: >-
              The brackets, as adjusted, apply ... for taxable years beginning in the succeeding
              calendar year.
  versions:
    - effective_from: '2019-01-01'
      formula: >-
        floor(((prior_cumulative_income_tax_bracket_amount * (1 +
        min(chained_consumer_price_index_inflation_rate, annual_bracket_inflation_adjustment_cap)))
        / bracket_rounding_amount) + 0.5) * bracket_rounding_amount

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Code of Laws - Title 12 - Chapter 6- - TAXATION

Official source

Home

Senate

House

Committee Postings and Reports

Legislative Council

Citizens' Interest

Publications

Chamber Video

Senate (Audio Only)

House (Audio Only)

How do I...

Quick Search Search for: Full Site Search Bill Number Legislation Budget Code of Laws Code of Regulations Constitution House Journals Senate Journals LSA Bill Summary

Find Your Legislators

Contact Your Legislator

Legislation

Track Legislation

Multi-Criteria Search

Research

South Carolina Law Ratifications & Acts Code of Laws Code of Regulations Constitution State Register

Legislative Manual Purchase Manual View Manual Online

Student Connection

Visiting the State House

annual_bracket_inflation_adjustment_cap

Parameter

source: S.C. Code § 12-6-520

- name: annual_bracket_inflation_adjustment_cap
  kind: parameter
  dtype: Rate
  source: S.C. Code § 12-6-520
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us-sc/statute/12-6-520
            excerpt: the adjustment may not exceed four percent a year
  versions:
    - effective_from: '2018-12-15'
      formula: '0.04'

bracket_rounding_amount

Parameter

source: S.C. Code § 12-6-520

- name: bracket_rounding_amount
  kind: parameter
  dtype: Money
  unit: USD
  source: S.C. Code § 12-6-520
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us-sc/statute/12-6-520
            excerpt: the rounding amount is ten dollars
  versions:
    - effective_from: '2018-12-15'
      formula: '10'

inflation_adjusted_income_tax_bracket_amount

Derived

source: S.C. Code § 12-6-520

- name: inflation_adjusted_income_tax_bracket_amount
  kind: derived
  entity: TaxUnit
  dtype: Money
  period: Year
  unit: USD
  source: S.C. Code § 12-6-520
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us-sc/statute/12-6-520
            excerpt: >-
              shall cumulatively adjust the brackets ... using the Chained Consumer Price Index for
              All Consumers
        - path: versions[0].formula
          kind: exception
          source:
            corpus_citation_path: us-sc/statute/12-6-520
            excerpt: the adjustment may not exceed four percent a year
        - path: versions[0].formula
          kind: amount
          source:
            corpus_citation_path: us-sc/statute/12-6-520
            excerpt: the rounding amount is ten dollars
        - path: versions[0].formula
          kind: effective_period
          source:
            corpus_citation_path: us-sc/statute/12-6-520
            excerpt: >-
              The brackets, as adjusted, apply ... for taxable years beginning in the succeeding
              calendar year.
  versions:
    - effective_from: '2019-01-01'
      formula: >-
        floor(((prior_cumulative_income_tax_bracket_amount * (1 +
        min(chained_consumer_price_index_inflation_rate, annual_bracket_inflation_adjustment_cap)))
        / bracket_rounding_amount) + 0.5) * bracket_rounding_amount