Allows married taxpayers filing jointly to calculate their South Carolina income tax as if they were single filers.

The bill, known as the "Eliminate the Marriage Tax Penalty Act," allows married taxpayers who file a joint federal return to calculate their South Carolina income tax as if each spouse were filing as a single taxpayer. If this results in a lower tax liability than a joint filing, the excess amount can be reduced from their joint tax owed. This option does not permit changing the filing status on their South Carolina return. The Department of Revenue may create rules to implement this change. The act will take effect upon approval by the Governor and applies to tax years beginning after 2024.

Allows married taxpayers filing jointly to calculate their South Carolina income tax as if they were single filers.

The bill, known as the "Eliminate the Marriage Tax Penalty Act," allows married taxpayers who file a joint federal return to calculate their South Carolina income tax as if each spouse were filing as a single taxpayer. If this results in a lower tax liability than a joint filing, the excess amount can be reduced from their joint tax owed. This option does not permit changing the filing status on their South Carolina return. The Department of Revenue may create rules to implement this change. The act will take effect upon approval by the Governor and applies to tax years beginning after 2024.