7 “CHAPTER South Carolina Income Tax Act for Individuals, Trusts, and Estates Article 1 Citation, Findings, Purpose, and Affected Taxable Years Section This chapter may be cited as the South Carolina Income Tax Act for Individuals, Trusts, and Estates. Section 12720. Findings Section 12730. The general purpose of this chapter is to impose a tax collected annually on the South Carolina taxable income of resident and nonresident individuals, trusts, and estates, the revenue of which must be used for the purposes of state government. Section 12740. Notwithstanding any other provision of law, for taxable years beginning after 2017: (1) the tax imposed pursuant to Section 126510 and the special tax rate provided pursuant to Section 126545 on the incomes of individuals, trusts, estates, and beneficiaries no longer applies and the provisions of Chapter 6 providing for the calculation of the tax imposed pursuant to Section 126510, including, but not limited to, exemptions, deductions, modifications, and credits, no longer except as specifically provided in this chapter; (2) a tax at the rate provided in Section 127650 is imposed on the income of individuals, trusts, estates, and beneficiaries. The tax is calculated in the manner provided in this chapter; (3) to the extent that the provisions of this title and references and enactments in other provisions of the Code of Laws of South Carolina, 1976, relating to the tax imposed pursuant to Section 126510 conflict with the provisions of this chapter, the provisions of this chapter apply; (4) to the extent that provisions of the Code of Laws of Carolina, 1976, refer specifically or by inference to the tax imposed pursuant to Section 126510, these references, except where the context dictates otherwise, must be construed as applying to the taxes imposed pursuant to this chapter. Article 3
“CHAPTER 7 South Carolina Income Tax Act for Individuals, Trusts, and Estates Article 1 Citation, Findings, Purpose, and Affected Taxable Years Section This chapter may be cited as the South Carolina Income Tax Act for Individuals, Trusts, and Estates. Section 12720. Findings Section 12730. The general purpose of this chapter is to impose a tax collected annually on the South Carolina taxable income of resident and nonresident individuals, trusts, and estates, the revenue of which must be used for the purposes of state government. Section 12740. Notwithstanding any other provision of law, for taxable years beginning after 2017: (1) the tax imposed pursuant to Section 126510 and the special tax rate provided pursuant to Section 126545 on the incomes of individuals, trusts, estates, and beneficiaries no longer applies and the provisions of Chapter 6 providing for the calculation of the tax imposed pursuant to Section 126510, including, but not limited to, exemptions, deductions, modifications, and credits, no longer except as specifically provided in this chapter; (2) a tax at the rate provided in Section 127650 is imposed on the income of individuals, trusts, estates, and beneficiaries. The tax is calculated in the manner provided in this chapter; (3) to the extent that the provisions of this title and references and enactments in other provisions of the Code of Laws of South Carolina, 1976, relating to the tax imposed pursuant to Section 126510 conflict with the provisions of this chapter, the provisions of this chapter apply; (4) to the extent that provisions of the Code of Laws of Carolina, 1976, refer specifically or by inference to the tax imposed pursuant to Section 126510, these references, except where the context dictates otherwise, must be construed as applying to the taxes imposed pursuant to this chapter. Article 3
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