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South Carolina Lawmakers Approve Income Tax Cut, One-Time Rebate

June 16, 2022, 12:48 AM

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 ...