Cuts Individual Income Tax & Small Business active income tax rates
(Columbia, SC) – Today, the SC House of Representatives passed two key tax reform bills – H. 4997 to collapse the current six individual income tax brackets (0,3,4,5,6, & 7) to just three brackets (0,3.75, & 7) and H. 4996 to cut the small business active income tax rate from 5% to 3%. Earlier this session, the House introduced several bills that set the course for real comprehensive tax reform in our state. This is a multi-part, multi-year undertaking aimed at delivering meaningful and permanent tax reform for South Carolina families.
House Speaker Bobby Harrell said, “Today, we took a significant step down the path that will lead to permanent comprehensive tax reform in our state. We believe that working families in South Carolina deserve a tax code that is flatter, fairer and more competitive. This will allow businesses to invest more of their resources into growing their business and creating jobs for our state. Making individual income tax rates flatter and fair will not only simplify our tax code but will also give 4 out of 5 South Carolinians filing returns a tax cut.”
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