Increases the credit against withholding for retraining employees in South Carolina.
The bill amends the South Carolina Code to increase the credit against withholding for retraining employees in manufacturing, processing, technology-intensive activities, or warehousing and distribution. Businesses can claim up to $2,000 per year for retraining full-time employees who have been continuously employed for at least one year. The credit is limited to $10,000 over five years per employee. Eligible retraining includes new equipment, technology, and upskilling. This change takes effect upon approval by the Governor and applies to income tax years beginning after 2025.
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