The bill H. 3492 proposes an amendment to Section 12-6-3632 of the South Carolina Code of Laws, which pertains to the earned income tax credit (EITC). The amendment introduces a provision that allows a portion of the EITC to be refundable. Specifically, it states that if the credit exceeds the taxpayer's state income tax liability, then twenty-five percent of the excess credit will be refunded to the taxpayer. This change aims to enhance the financial benefits for full-year resident individual taxpayers who qualify for the EITC.

The bill is set to take effect upon approval by the Governor and will apply to tax years beginning after 2024. This adjustment is intended to provide additional support to low- and moderate-income families by allowing them to receive a refund on a portion of their earned income tax credit, thereby potentially increasing their disposable income and financial stability.

Statutes affected:
12/05/2024: 12-6-3632
Latest Version: 12-6-3632