South Carolina H4603 offers a tax credit to small businesses that voluntarily pay employees a livable wage.

South Carolina H4603, the Small Business Livable Wage Tax Credit Act, provides a tax credit to small businesses that voluntarily pay their employees a livable wage. A qualified employer is a business with fewer than fifty employees in good standing with the Secretary of State. The livable wage is determined by the MIT Living Wage Calculator or an approved successor source. The credit is equal to the incremental wage cost, which is the difference between the federal minimum wage and the livable wage, multiplied by the total hours worked by covered employees.

South Carolina H4603 offers a tax credit to small businesses that voluntarily pay employees a livable wage.

South Carolina H4603, the Small Business Livable Wage Tax Credit Act, provides a tax credit to small businesses that voluntarily pay their employees a livable wage. A qualified employer is a business with fewer than fifty employees in good standing with the Secretary of State. The livable wage is determined by the MIT Living Wage Calculator or an approved successor source. The credit is equal to the incremental wage cost, which is the difference between the federal minimum wage and the livable wage, multiplied by the total hours worked by covered employees.