Lawmakers Give Final Approval to the State’s Historic $14 Billion Budget

In a brief wrap-up session Wednesday, South Carolina lawmakers gave final approval to the state’s historic $14 billion budget, which is centered around tax cuts and $1 billion in tax rebates.

The spending plan, which takes effect July 1, immediately cuts the top income tax rate from 7% to 6.5% and gradually lowers it to 6% over five years.

The $1 billion income tax rebate means taxpayers could get a rebate up to $800 by the end of 2022.

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