State leaders announce legislation to reform S.C. income tax

COLUMBIA, S.C. (WRDW/WAGT) - State leaders gathered at the South Carolina State House Tuesday morning to propose new legislation.

Several lawmakers ed Governor Henry McMaster to announce a bill that would drop the income tax from 6.2% to 3.99%.

Chair of the House Ways and Means Committee Rep. Bruce Bannister said the bill will simplify the tax code by collapsing the two tiered system and replace it with a single flat rate of 3.99%, which he said will gradually reduce to 2.49%.

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Officials said this would be a lower income tax rate than our neighboring states, North Carolina and Georgia.

Tax cuts are a key priority for Republicans this session. This comes just a few years after the General Assembly agreed to lower the state’s top rate one full percent, which they’re still in the process of implementing.

McMaster said the bill will be filed Tuesday, and he wants it on his desk before the end of the legislative session.

Various officials were in attendance, including McMaster, Speaker of the South Carolina House of Representatives Murrell Smith, Senate President Thomas Alexander and others.