Governor McMaster signs bill eliminating tax on military retirement income
COLUMBIA, S.C. (WIS) - Veterans in South Carolina will no longer pay state income tax on military retirement benefits.
The bill was signed by South Carolina Governor Henry McMaster on Friday, May 13, 2022.
South Carolina now joins 35 other states that provide full state tax exemptions on those benefits. Previously, Veterans received a partial tax exemption if they’d served 20 years.
McMaster said in a statement,
“We’re doing everything we can to incentivize our nation’s heroic veterans to live, work, and raise their families here in S.C. For years, we have fought to eliminate all state income taxes on their retirement pay. On Friday, I signed a bill into law that will make that a reality.”
“This is just one more way we can thank our veterans for their sacrifice and it adds to the long list of things that makes South Carolina the most military-friendly state in the country.”
Veterans in SC will no longer pay state income taxes on military retirement income, with Gov. McMaster signing into law the bill to eliminate these taxes. @4SCVETS was among those pushing for this change as SC joins 30+ other states w/ full exemptions ⬇️https://t.co/qeEr4sIu6T https://t.co/GM2UYs2H3N— Mary Green (@MaryGreenNews) May 16, 2022
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