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.
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