South Carolina has made the following changes for the upcoming 2024 tax year:
Income Tax Table
For 2024 the top marginal individual income tax rate changed to 6.2%.
Exemptions
Increase in dependent exemption – The South Carolina dependent exemption amount for 2024 is $4,790 and is allowed for each eligible dependent.
Deductions
Increase In Volunteer Deduction For Certain Public Servants - This deduction for certain public servants has increased to $6,000 per tax year.
Credits
Classroom Teacher Expenses Credit - The maximum credit increased to $400.
Railroad Expenditures Credit - Available to eligible taxpayers with qualified railroad reconstruction or replacement expenditures.
Recreational Trail Easement Credit - This credit is available to eligible taxpayers who encumber property with a perpetual recreational trail easement and right of way.
Further Information
Additional information can be found in the South Carolina Individual Income Tax Packet.