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McMaster to publicly sign bill aimed at cutting state income taxes
The law lowers rates for about 43% of taxpayers and sets automatic future cuts if state revenue grows 5%.
- On Wednesday, Governor Henry McMaster signed House Bill 4216, lowering the top income tax rate from 6.0% to 5.21% while establishing a 1.99% rate for income up to $30,000.
- House Speaker Murrell Smith said the legislation provides "$308 million in immediate tax relief," building on previous reforms that saved taxpayers $1.275 billion since 2022.
- Data from the Revenue Fiscal Affairs State Agency indicates around 42.8% of taxpayers will see reduced liability, though nearly 23% could face an increase under the new structure.
- Automatic rate reductions will occur starting in 2027 if annual income tax revenue grows by at least 5%, advancing the state's goal of eventually eliminating personal income tax.
- While leadership supports the bill, some lawmakers including Caucus Chair Rep. Jordan Pace and State Rep. Seth Rose expressed opposition, citing concerns over the impact on certain taxpayers.
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Gov. McMaster signs income tax bill into law
(WSPA)—Gov. Henry McMaster recently joined members of the South Carolina General Assembly and other state leaders for a ceremonial bill signing of H. 4216, the Income Tax bill. The new legislation is designed to simplify the state's individual income tax structure and establish a framework to continue reducing income taxes over time. The new tax [...]
·Savannah, United States
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Total News Sources12
Leaning Left0Leaning Right4Center5Last UpdatedBias Distribution56% Center
Bias Distribution
- 56% of the sources are Center
56% Center
C 56%
R 44%
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