The bill H. 3368 proposes an amendment to the South Carolina Code of Laws, specifically Section 12-6-1120, which pertains to modifications of gross income for individual income tax purposes. The amendment aims to exclude overtime pay received under the Fair Labor Standards Act and the first $2,500 of bonus pay from an individual's gross income for tax calculations. This change is intended to provide tax relief to individuals by not taxing these specific forms of income.

If enacted, the bill will take effect upon approval by the Governor and will apply to tax years beginning after 2024. This legislative change reflects an effort to support workers by ensuring that their overtime earnings and a portion of their bonus pay are not subject to state income tax, potentially increasing their take-home pay.

Statutes affected:
12/05/2024: 12-6-1120
Latest Version: 12-6-1120