New South Carolina Legislation
The Comprehensive Tax Reduction Act is one of many bills passed to assist the palmetto state financially.
On New Year’s Day, new legislation went into effect for the state of South Carolina.
The Comprehensive Tax Reduction Act is one of many bills passed to assist the palmetto state financially. The top income tax for South Carolina has dropped from 7% to 6 1/2%.
The plan is to bring the state income top tax bracket down to 6% in order to create two wholistic tax brackets at 6% and 3%.
An employee that makes nearly $40 thousand dollars a year will now have over $600 less taken from their paychecks.
The legislation was pushed to make the job market more competitive.
The change will not be seen on a refund until taxes for 2024 are filed.
