South Carolina bill H3492 amends the Earned Income Tax Credit to make a portion of it refundable.

South Carolina bill H3492 amends the Earned Income Tax Credit to allow a portion of the credit to be refunded to taxpayers. Specifically, if the credit exceeds the taxpayer's state income tax liability, twenty-five percent of the excess credit must be refunded. This change applies to tax years beginning after 2024, following approval by the Governor.

South Carolina bill H3492 amends the Earned Income Tax Credit to make a portion of it refundable.

South Carolina bill H3492 amends the Earned Income Tax Credit to allow a portion of the credit to be refunded to taxpayers. Specifically, if the credit exceeds the taxpayer's state income tax liability, twenty-five percent of the excess credit must be refunded. This change applies to tax years beginning after 2024, following approval by the Governor.