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House Passes Revenue Neutral Conformity Bill |
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Sends legislation to Governor for signature |
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(Columbia, SC) – House Speaker Jay Lucas (District 65-Darlington) issued the following statement after the House gave final approval to H.5341, the tax conformity bill. This piece of legislation saves South Carolina taxpayers over $1.2 billion over five years by putting state deductions and exemptions back in place that were removed in our tax code due to the passage of the federal Tax Cuts and Jobs Act. “Although tax conformity is an issue the General Assembly addresses every year, the recent federal tax overhaul necessitated additional action to keep more hard-earned money in the pockets of South Carolina taxpayers. Today’s legislation streamlines filing and ensures families will continue to benefit from our state’s tax-friendly environment. I am very thankful for the Senate’s willingness to work together to honor our commitments to millions of taxpayers and am proud of the proposal we are sending to the Governor’s desk for his signature.”
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