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Estimated South Carolina impact of federal "Tax Cuts and Jobs Act" of 2017 and :Bipartisan Budget Act" of 2018 pending any state tax law changes
South Carolina Revenue and Fiscal Affairs Office Rainwater, Frank A, Jolliff, Lisa H. Shuford, Gordon O.
South Carolina Revenue and Fiscal Affairs Office
Rainwater, Frank A,
Jolliff, Lisa H.
Shuford, Gordon O.
Issue Date
2018-05-04
Type
Text
Keywords
Bills, Legislative--Economic aspects--South Carolina, United States. Tax Cuts and Jobs Act, Budget--United States, Bipartisan Budget Act of 2018, Income tax--South Carolina
Abstract
Federal tax reform in the Tax Cuts and Jobs Act of 2017 (TCJA) affected both the definition and calculation of taxable income and lowered federal tax rates. At the national level, South Carolinians are expected to see their federal tax liability decrease by $1.621 billion. At the state level, the South Carolina General Assembly will decide how to maintain conformity and any adjustment of state tax rates, deductions, or exemptions. This analysis estimates the impact of federal tax reform on state income tax liability before any adjustments are made by the General Assembly.
Rights
Copyright status determined to be in the public domain on April 27, 2020 by United States Supreme Court ruling (Georgia et al., Petitioners v. Public.Resource.Org, Inc. : 590 U.S.__(2020))