South Carolina will shift to a flatter personal income tax system with a top rate of 5.21%, and adopt a trigger mechanism for additional rate reductions under legislation signed by Gov. Henry McMaster (R).
McMaster, who has previously called for total elimination of the income tax, said the overhaul (H. 4216) will create a framework for making South Carolina a more tax competitive state.
“This lowers it substantially,” the governor said during a press event Tuesday. “We’re still getting lower and lower overall.”
McMaster signed the measure Monday. The new law modifies the tax code beginning with ...