SC Taxpayers to Receive Cash Bump Due to Tax Cut Budget Deal

The maximum rebate amount being $800.

South Carolina taxpayers are set to receive a cash bump after lawmakers agreed to provide a $1 billion rebate to residents.
The rebate is coupled with a tax cut that will lower the top rate from 7% to 6.5%. with continued economy growth, the top rate will gradually be reduced to 6% over the course of five years. In November or December, taxpayers will receive money based on their income tax liability, with the maximum rebate amount being $800. Those who don’t pay income taxes because of deductions and exemptions or residents who don’t make enough money to pay income taxes will not see any rebate.