What changes have been made to exemptions?
- Increase in dependent exemption – The South Carolina dependent exemption amount for 2022 is $4,430 and is allowed for each eligible dependent, including both qualifying children and qualifying relatives.
What changes have been made to credits?
- Motor Fuel Tax Credit - The refundable Motor Fuel credit has been increased from 9 cents, to 11 cents per gallon in 2022. This credit is limited to to two vehicles or motorcycles.
- Earned Income Tax Credit - For tax year 2022, South Carolina has increased their Earned Income Tax Credit to equal 104.17% 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 $46,667 or the amount of earned income of the taxpayer with the least amount of qualified income for the year.
- Teacher Expenses Credit - The maximum credit increased to $500.
Additional information can be found on the South Carolina Department of Revenue website.