South Carolina bill allows employers to deduct contributions to 529 accounts from state income tax.

The bill amends South Carolina tax law to allow employers to make tax-deductible contributions to 529 accounts for employees. Employers can deduct up to $1,000 per employee per year from their South Carolina income tax. Contributions must be made to a qualified plan under Section 529 of the Internal Revenue Code. The deduction applies to contributions and rollovers made during the taxable year. The bill takes effect for tax years beginning after 2025.

South Carolina bill allows employers to deduct contributions to 529 accounts from state income tax.

The bill amends South Carolina tax law to allow employers to make tax-deductible contributions to 529 accounts for employees. Employers can deduct up to $1,000 per employee per year from their South Carolina income tax. Contributions must be made to a qualified plan under Section 529 of the Internal Revenue Code. The deduction applies to contributions and rollovers made during the taxable year. The bill takes effect for tax years beginning after 2025.