SC H4458

Reduces South Carolina's top marginal individual income tax rate from 6% to 5% for taxable years beginning after 2024

Adjusts income tax brackets: 0% rate applies to income under $3,560 (up from $3,200); 3% rate applies to income from $3,560 to $17,830 (up from $3,200-$16,040); 5% rate applies to income of $17,830 or more

Eliminates the previous phased-in approach that gradually reduced the top rate from 6.5% to 6% based on general fund revenue growth projections

Applies to individuals, estates, trusts, and other entities not otherwise taxed or exempted under specific code sections

Takes effect upon approval by the Governor