AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, SO AS TO ENACT THE "SOUTH CAROLINA TAXPAYER PROTECTION AND RELIEF ACT"; TO AMEND SECTION 12-6-40, RELATING TO THE APPLICATION OF THE INTERNAL REVENUE CODE TO STATE INCOME TAX LAWS, SO AS TO UPDATE THE REFERENCE TO THE INTERNAL REVENUE CODE AND TO PROVIDE THAT IF THE INTERNAL REVENUE CODE SECTIONS ADOPTED BY THIS STATE ARE EXTENDED, THEN THESE SECTIONS ALSO ARE EXTENDED FOR SOUTH CAROLINA INCOME TAX; TO AMEND SECTION 12-6-50, RELATING TO PROVISIONS OF THE INTERNAL REVENUE CODE NOT ADOPTED BY THIS STATE, SO AS TO NOT ADOPT CERTAIN PROVISIONS; TO AMEND SECTION 12-6-520, RELATING TO THE ANNUAL ADJUSTMENT TO THE INCOME TAX BRACKETS, SO AS TO DELETE A PROVISION THAT LIMITS THE INFLATION ADJUSTMENT TO ONE-HALF OF THE ACTUAL INFLATION RATE AND TO USE THE CHAINED CONSUMER PRICE INDEX TO MAKE THE ADJUSTMENT; TO AMEND SECTION 12-6-1140, RELATING TO INCOME TAX DEDUCTIONS, SO AS TO ADD A SOUTH CAROLINA DEPENDENT EXEMPTION AND TO ADJUST THE AMOUNT OF THE EXEMPTION EACH YEAR FOR INFLATION; AND TO AMEND SECTION 12-6-1160, RELATING TO THE DEPENDENT EXEMPTION FOR CHILDREN UNDER SIX YEARS OLD, SO AS TO PROVIDE THAT THE AMOUNT OF THE DEDUCTION IS EQUAL TO THE AMOUNT OF THE SOUTH CAROLINA DEPENDENT EXEMPTION. - ratified title