Gov. McMaster Proposes Tax Cuts for Vets, First Responders
LEXINGTON, S.C. (AP) — South Carolina’s governor is proposing tax cuts for veterans and first responders.
Gov. Henry McMaster said Friday he wants to exempt the military, law enforcement, firefighter and peace officer retirement from state income tax.
The tax cuts would amount to about a $524 in savings for military retirees under 65 and $210 a year for those 65 and older.
Savings for law enforcement, firefighters and peace officers would be about $713 a year if under 65 and $102 a year if 65 or older.
McMaster says he has included the cuts in his 2018-19 budget. The proposal would amount to a $22.6 million tax cut in the first year and would have to be approved by the General Assembly.