The bill H. 3368 proposes an amendment to Section 12-6-1120 of the South Carolina Code of Laws, which pertains to modifications of gross income for individual income tax purposes. The key change introduced by this bill is the exclusion of overtime pay and a specific amount of bonus pay from gross income calculations. Specifically, it states that South Carolina gross income will not include any overtime pay received under the Fair Labor Standards Act, nor will it include the first $2,500 of bonus pay received by an individual during the tax year.

This amendment aims to provide tax relief to individuals by ensuring that certain types of additional compensation, such as overtime and limited bonus pay, do not increase their taxable income. The bill is set to take effect upon approval by the Governor and will apply to tax years beginning after 2024.

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