Earlier this year, the S.C. Legislature and Gov. Henry McMaster enacted historic tax relief and reform. This was a critical step in making South Carolina more competitive in a region where neighboring states have lower or no state income tax.
The new law slashes our state personal income tax, collapsing the lower bracket to 3% and eventually bringing the top rate down to 6%. Those who paid income taxes in 2021 will also receive a tax rebate in the coming months.
“This tax cut will start an avalanche of change and prosperity unlike anything we have seen and add one more reason for South Carolina to have great success in the future,” said McMaster.
S.C. House Speaker Murrell Smith told us that “this year’s $2 billion tax relief marks a continued commitment to our state’s hardworking taxpayers, and the message that our government works best when it taxes least.”
To keep up the momentum behind South Carolina’s progress on tax reform, the SC Policy Council is launching a new website: INTHEGAMESC.COM
The new website gives taxpayers an idea of how much money they will save thanks to the income tax cuts. It also provides a simple way for citizens to contact their legislators and encourage them to keep lowering taxes, and includes resources to learn about other tax and spending reforms.
By lowering taxes and pledging future relief, state leaders have put South Carolina “back in the game” when it comes to job growth, prosperity and opportunity.
Over time, we hope to make INTHEGAMESC.COM a one-stop-shop for everything to know about tax relief in South Carolina.
“Enactment of an income tax cut this year [provides] needed relief to South Carolina families, many of whom are struggling amid the highest inflation in four decades,” said Patrick Gleason, vice president of state affairs, at Americans for Tax Reform.
But our income tax is still higher than in neighboring states. North Carolina’s top rate is 4.99%; Georgia’s top rate is 5.75%; and Florida has no state income tax at all.
With all this competition, there’s only one way for South Carolina to stay in the game: Keep scoring on tax relief!
If you have questions about the website or would like to arrange an interview, please email [email protected].