Small Business Livable Wage Tax Credit Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill, the Small Business Livable Wage Tax Credit Act, creates a tax credit for small businesses in South Carolina that pay their non-exempt employees at or above the ‘livable wage.’ The livable wage is determined by an annual calculation based on the MIT Living Wage Calculator. The credit is phased in over four years, starting at 100% of the incremental wage cost and decreasing to 25% in the fourth year, with a two-year carryforward option. To qualify, businesses must meet specific criteria including employee count, good standing, and maintaining payroll verification.
Key provisions
- Creates a tax credit for small businesses (fewer than 50 employees) that pay employees at or above the livable wage.
- The ‘livable wage’ is determined by an annual calculation based on the MIT Living Wage Calculator.
- The credit decreases over four years, from 100% to 25% of the incremental wage cost.
- Employers can carry forward unused credits for a maximum of two years.
- Businesses must maintain headcount and pay employees at or above the livable wage to qualify.
- Annual payroll verification is required.
- Participation in the tax credit is voluntary.
- The Department of Revenue will publish an annual report summarizing program participation and revenue impact.
Who is affected
- Small businesses (fewer than 50 employees)
- Employees of small businesses
- Employers in South Carolina
- The Department of Revenue
Bill text
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Sponsors
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3 on record
Primary sponsor
Cosponsors
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