The "South Carolina Workforce Advancement and Taxpayer Reinvestment Act" aims to provide tax relief to South Carolinians transitioning from government assistance to self-sufficiency through education and employment. The bill introduces a new Article 43 to Chapter 6, Title 12 of the South Carolina Code, which outlines eligibility criteria for a temporary state income tax exemption for individuals who have previously received government assistance, completed a vocational or educational program, and secured full-time employment with a qualifying salary. The tax exemption is structured to provide a 100% exemption for the first year of employment, followed by a 50% exemption in the second year and a 25% exemption in the third year, with a clear stipulation that these benefits are not renewable beyond three years.

Additionally, the bill incentivizes businesses that hire and retain eligible individuals by offering a one-time state income tax credit of up to $5,000 after three years of employment. Smaller businesses with fewer than 100 employees can receive an additional credit to encourage local hiring. The act emphasizes a free-market approach to economic mobility, aiming to reduce long-term government dependency while promoting personal responsibility and workforce participation. It includes provisions to prevent double-dipping into taxpayer funds and mandates a review of the program's effectiveness after five years. The act is set to take effect on July 1, 2025.