The state Senate Finance Subcommittee on Conformity this week advanced a measure that would put the state’s income tax structure on par with the federal code.
Sen. Sean Bennett, R- Berkley, said that they want to make sure that South Carolinians do not have to pay more in state income tax. “Citizens and businesses alike to file their taxes and not be placed in a situation that they didn’t ask for or maybe getting a break on the federal level or ending up paying more on the state level.”
The proposed legislation would bring South Carolina’s tax code in line with last year’s federal tax overhaul.
The subcommittee amended the House-passed version of conformity. The House-passed bill version was introduced in the Senate in May.
Subcommittee Chairman Sen. Tom Alexander, R-Oconee, said that the state needs to be on a level playing field. “Helping families, especially families with children and young children. And also, so making sure that we stay in a competitive environment for our corporations and for us to have the opportunity for our citizens.”
The legislation will have to be approved by both houses of the legislature then signed by the governor.
To get to the governor, the legislation must pass the Senate Finance Committee and then by the full Senate. The House of Representatives must also concur with the amendment before the governor can sign it.