South Carolina’s new budget which passed both South Carolina’s House and Senate includes $1 billion in direct rebates to income taxpayers. Checks would be sent out in November or December this year, with amounts based on how much people paid in state income taxes, maxing out around $800. Only South Carolinians who paid state income tax will receive a rebate, which is about 1.5 million filers. Gov. Henry McMaster is expected to sign the bill into law.
Rep. Gary Simrill, chair of the House’s budget-writing Ways and Means Committee, said:
About a third of South Carolinians will have their entire tax liability taken care of. That’s more money in their pockets to spend how they see fit. A taxpayer knows better what to do with their money than the government does, and this gives that grand opportunity. The economy, if it does soften — we hope that it doesn’t — but if it does soften, at least we’re prepared in that vein. A number of South Carolinians will see more in their paychecks next year too.
2.5 million residents in South Carolina file their state tax returns, and around 44% pay nothing in income taxes. Residents who don’t pay income taxes aren’t eligible for the rebate payment.
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