Exempts overtime pay and first $2,500 of bonus pay from South Carolina gross income tax.

This bill amends the South Carolina Code to modify the definition of gross income for individual income tax purposes. Specifically, it excludes overtime pay received under the Fair Labor Standards Act and the first $2,500 of bonus pay received in a tax year from being included in South Carolina gross income. This change applies to tax years beginning after 2024.

Exempts overtime pay and first $2,500 of bonus pay from South Carolina gross income tax.

This bill amends the South Carolina Code to modify the definition of gross income for individual income tax purposes. Specifically, it excludes overtime pay received under the Fair Labor Standards Act and the first $2,500 of bonus pay received in a tax year from being included in South Carolina gross income. This change applies to tax years beginning after 2024.