October 4, 2022 South Carolina lawmakers lower highest marginal tax rate retroactive to January 1, 2022 On June 18, 2022, South Carolina Governor Henry McMaster signed into law S. 1087, which lowers the state's top marginal tax rate from 7% to 6.5% retroactive to January 1, 2022. Beginning with Tax Year 2023, and each year thereafter until the top marginal rate equals 6%, the top marginal rate must decrease by 0.1% if general fund revenues are projected to increase by at least 5% in the fiscal year that begins during the tax year. The 2022 South Carolina income tax withholding tables continue to reflect the highest marginal tax rate of 7%. ———————————————
——————————————— EY Payroll News Flash
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