A bill

 

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-6-3632, RELATING TO EARNED INCOME TAX CREDIT, SO AS TO PROVIDE THAT A PORTION OF THE CREDIT IS REFUNDABLE.

 

Be it enacted by the General Assembly of the State of South Carolina:

 

SECTION 1.  Section 12-6-3632 of the S.C. Code is amended to read:

 

    Section 12-6-3632. There is allowed as a nonrefundable credit against the tax imposed pursuant to Section 12-6-510 on a full-year resident individual taxpayer an amount equal to one hundred twenty-five percent of the federal earned income tax credit (EITC) allowed the taxpayer pursuant to Internal Revenue Code Section 32. If the credit allowed by this section exceeds the taxpayer's state income tax liability, then twenty-five percent of the excess credit must be refunded to the taxpayer.

 

SECTION 2.  This act takes effect upon approval by the Governor and first applies to tax years beginning after 2024.

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