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1350 Dor Sc Gov2023STATE of SOUTH CAROLINADEPARTME  Form

1350 Dor Sc Gov2023STATE of SOUTH CAROLINADEPARTME Form

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hi my name is Trey bishop and I am the tax law training director here at the South Carolina Department of Revenue today I'm going to be going over the legislative updates that pertain to income taxes sales and use taxes and miscellaneous taxes before we get started um a little note here any provisos mentioned are set to expire on June 30th of 2024 unless they reenacted by the general assembly in the next legislative session right first up is going to be income taxes we're going to start off with Conformity um South Carolina income tax laws will conform to the Internal Revenue code through December of December 31st of 2022 all right let's look at the rate reduction here so previously we had a top marginal tax rate of 6.5% um the reduction to 6% is being phased in over 6 years so in 2023 the top marginal tax rate is going to be 6.4% all right we did have a bracket collapse so these six tax brackets previously have collapsed down to three brackets you'll notice that the 2023 bracket amoun

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