Daily Tax Report: State

South Carolina Governor Floats $428.5 Million in Tax Breaks

Jan. 13, 2020, 10:32 PM

South Carolina Gov. Henry McMaster (R) included $428.5 million in tax breaks in his spending plan for the upcoming fiscal year.

The governor said his budget proposal would return about one-quarter of South Carolina’s $1.8 billion surplus back to taxpayers in the form of tax breaks. McMaster unveiled his plan Monday, the day before the state Legislature convenes for its 2020 session.

  • McMaster said lowering the tax burdens on individuals and businesses operating in the state “is one of the most important ways we can lay a foundation for future growth.” He said the tax relief proposed for...
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