South Carolina H4458 phases in a reduction of the top income tax rate from 6.5% to 6% over several years.

South Carolina H4458 modifies the state's income tax rates by phasing in a reduction of the top marginal rate from 6.5% to 6%. The reduction begins in Tax Year 2022, with the rate decreasing by one-tenth of one percent annually if general fund revenues increase by at least five percent. The phase-in continues until the top marginal rate reaches 6%. All reductions are permanent and cumulative, with the department adjusting the brackets as needed.

South Carolina H4458 phases in a reduction of the top income tax rate from 6.5% to 6% over several years.

South Carolina H4458 modifies the state's income tax rates by phasing in a reduction of the top marginal rate from 6.5% to 6%. The reduction begins in Tax Year 2022, with the rate decreasing by one-tenth of one percent annually if general fund revenues increase by at least five percent. The phase-in continues until the top marginal rate reaches 6%. All reductions are permanent and cumulative, with the department adjusting the brackets as needed.