The "South Carolina Workforce Advancement and Taxpayer Reinvestment Act" aims to provide tax relief for 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 establishes a temporary state income tax exemption for eligible residents 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 sunset provision requiring reevaluation after five 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 per employee after three years of employment. Small businesses with fewer than 100 employees can receive an additional credit of $2,500 per qualifying employee. The legislation emphasizes a free-market approach to economic mobility, aiming to reduce long-term government dependency while promoting personal responsibility and workforce participation. It also includes provisions to prevent double-dipping into taxpayer funds by prohibiting concurrent state-funded benefits with the tax relief. The act is set to take effect on July 1, 2025, and will be reviewed in July 2030 for its fiscal impact.