Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1922-03-17
s1ArE'lNcoME TAX LAW.
Summary Of Leading Features OF I'm
portant Revenue Measure.

| PS'eohh nSNcHbS
Columbia, March 1S.-Of course the
most important and outstanding piece
of legislation enacted at this session
of the General Assembly Is the income
tax bill. This has been primarily a
session devoted to an effort towards
doing something definite for the re-
duction of the tax levy on visible
property. The income tax legislation
was never in serious jeopardy, as both
branches of the~iegislntlre were al
ways agreed that this method Of de-
vising additional revenue was the
easiest and PERHAPS generally speaking
the most popuiar,H new methods were
tc be sought. .y$y E.Ss ~
| The two Legislative branches we're
at decided variance over what lis
known as the committee bill and what
has been called the McGhee substitute.
Until Saturday morning the members
of the free conference committee were
in dead lock but compromise and.
agreement was effected evidently
along these lines Those who ,advo-
Gated the committee or house bill cur
rendered the: text and machinery to
the advocates of the McGhee substi-
tute, by -thcir consentlng. to, increase
the rate from 70 per cent. to SS 1-3
per cent. for the state based upon
what is paid to. the Federal govern
ment. The full text of the agreement
will make about three columns in the
Piedmont, and, therefore, n very brief
synopsis will be of interest.
First, net incomes Of over S2,5OO.OO
for married person derived on busi-
ness incomes during the year 1921 Will
be taxable and colFectable this year.
For the first year, that is, for the
taxes collected this year on the reven-
ues Of 1921 an affidavit Is to be sub
mitted to the tex commission stating
what amount has been paid to the
Federal government, and the. income
tax payer will be due the, state one
third of the amount paid the Federal
government for his income tax. A
copy of the receipt from the Federal
government must be submitted, to-
gether with the affidavit and payment
based upon one third Of the Federal
tx.
After this year, that Is, upon In
comes derived subsequent to 1921, the
tax payers must submit duplicate OF
his Federal income tax return. The
idea is that the State and Federal in
come tax returns, that is, as far as
returns themselves are concerned.
should be duplicates. The tax payer
here again pays the state one-third OF
what he pays the Federal government.
These personal &Hd corporation re-
turns are to be made in the same
method, that is, either by affidavit or
duplicate returns, and the same basis
of payment is applicable on net in
comes. Ia
The exemptions, allowances, credits,
deductions and everything else along
these lines are absolutely identical for
the state as they are for the Federal
government, except THAT provision is
made that the state shall not tax
Federal incomes pensions, interest
from government bonds and other ex-
emptions that the State must recog-
nize.
The exemptions for individuals, cor
porations, dependent children, taxes,
losses and the like are identical in the
free conference bill which will be the
law and the Federal statute.
The free conference bill refers to
and enacts for this state as did the
McGhec substitute, to the Federal in
come tax statute of 1921 and all of the