South Carolina's new budget reduces the top income tax rate from 6.2% to 6%, aiming to boost economic competitiveness.

If you make $118,000 a year living in South Carolina you will be taxed $24,759. Your average tax rate is 15.59% and your marginal tax rate is 24%.

State income tax bill in South Carolina . Late last month, South Carolina GOP leaders released a bill, known as HB 4216, to collapse the state’s income tax brackets into one fixed rate of 3.99%.

State income tax bill in South Carolina . Late last month, South Carolina GOP leaders released a bill, known as HB 4216, to collapse the state’s income tax brackets into one fixed rate of 3.99% ...

Eligible taxpayers in South Carolina who filed their return before the Oct. 17 deadline can expect to receive up to $800 in the form of an income tax rebate from the state before the end of the year.

Income earned in the state must be reported on a South Carolina income tax return, no matter the filer’s state of residency. It’s also not just money that has to reported.

If you have taxable income that exceeds that amount, you’ll pay income taxes in South Carolina. Tax on Taxable Income: Low of 0% (on up to $3,460) and a high of 6.2% (on more than $17,330 ...

COLUMBIA, S.C. — A bill that would overhaul South Carolina’s income tax system is headed to the House floor after clearing the Ways and Means Committee in a 17-6 vote.