What changes have been made to exemptions?
- South Carolina Dependent Exemption - The South Carolina dependent exemption for 2021 has been increased to $4,300 and is allowed for each eligible dependent.
What changes have been made to credits?
- Motor Fuel Tax Credit - The refundable Motor Fuel credit has been increased from 7 cents, to 9 cents per gallon in 2021. This credit is limited to to two vehicles or motorcycles.
- Earned Income Tax Credit - For tax year 2021, South Carolina has increased their Earned Income Tax Credit to equal 83.33% of the Federal Earned Income Credit. This credit is nonrefundable.
- Two Wage Earner Credit - The Two Wage Earner Credit has increased to .7% of the lesser of $43,333 or the amount of earned income of the taxpayer with the least amount of qualified income for the year.
Additional information can be found on the South Carolina Department of Revenue website.