low-wage tax credit south carolina

low-wage tax credit south carolina

Low-Wage Credit vs Tax Deductions - Small Business Taxes Truth

South Carolina's low-wage tax credit gives small businesses a refundable credit of up to $5,000 per employee, while traditional deductions only lower taxable income. According to the 2024 SC proposal, the credit covers 20 percent of wages up to $25,000 per employee, capping at $5,000