SC H4603

Creates a voluntary income tax credit for small businesses (fewer than 50 employees) that pay all nonexempt employees at or above the "livable wage" as determined by the MIT Living Wage Calculator for their specific county

Credit equals the incremental cost difference between federal minimum wage and the livable wage, phasing down over four years: 100% in year one, 75% in year two, 50% in year three, and 25% in year four

Employers must maintain or increase headcount, remain current on state taxes, and submit annual payroll verification to the Department of Revenue to qualify

Unused credits may be carried forward for two years; the program is set to expire December 31, 2035

Department of Revenue must publish annual reports on participating employers, employees receiving livable wages, total credits claimed, and estimated increases in state income tax revenue from higher-paid workers