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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
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South Carolina Revenue and Fiscal Affairs Office
Rainwater, Frank A,
Jolliff, Lisa H.
Shuford, Gordon O.
SubjectBills, Legislative--Economic aspects--South Carolina; United States. Tax Cuts and Jobs Act; Budget--United States; Bipartisan Budget Act of 2018; Income tax--South Carolina
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.
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|Publisher||South Carolina State Library|
|Digital Collection||South Carolina State Documents Depository|
|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))|
|Digitization Specifications||This South Carolina State Document was either saved from a document available publicly online in PDF format or converted to PDF using Adobe Acrobat DC.|