South Carolina taxpayers would see what lawmakers say is $2 billion in tax relief under a bill they approved Wednesday and are sending to Gov. Henry McMaster.
The measure (S. 1087) allocates $1 billion from the Contingency Reserve Fund to provide one-time refunds to individuals who filed a 2021 return, equal to the amount of their tax liability. The Department of Revenue must issue the refunds by Dec. 31.
- The tax cut bill also cuts the state’s top income tax rate—for incomes over $16,040—to 6.5% from 7% for tax year 2022. The rate is to drop incrementally ...