Annual adjustments to individual state income tax brackets; inflation adjustments

Beginning on December 15, 2018, and each December fifteenth thereafter, the department shall cumulatively adjust the brackets in Section 12-6-510 using the Chained Consumer Price Index for All Consumers, as published by the Bureau of Labor and Statistics of the Department of Labor, pursuant to Internal Revenue Code Section (1)(f). However, the adjustment may not exceed four percent a year, and notwithstanding the rounding amount provided in (1)(f)(7), the rounding amount is ten dollars. The brackets, as adjusted, apply instead of those provided in Section 12-6-510 for taxable years beginning in the succeeding calendar year. Inflation adjustments must be made cumulatively to the income tax brackets.

Last amended: 1995 Act No. 76, SECTION 1; 2018 Act No. 266 (H.5341), SECTION 4.A, eff October 3, 2018. Editor's Note 2018 Act No. 266, SECTIONS 1, 4.B, 7, 8, and 9, provide as follows: "SECTION 1. This act may be referred to as the 'South Carolina Taxpayer Protection and Relief Act'." "[4.]B. This SECTION takes effect upon approval by the Governor and first applies to the adjustment made for tax year 2019, with the 2018 income tax brackets being used first as the base year upon which adjustments made pursuant

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