Bill > H4245

This bill creates the South Carolina Workforce Advancement and Taxpayer Reinvestment Act, which provides tax incentives for individuals transitioning from government assistance to employment and for businesses that hire these individuals. Eligible individuals who have previously received benefits like SNAP, TANF, or Section 8 housing, and who complete a vocational certification or degree and secure full-time employment above a certain income threshold, can receive state income tax exemptions: 100% in the first year, 50% in the second year, and 25% in the third year. To qualify, individuals must maintain employment and cannot receive additional state-funded benefits simultaneously. Businesses that hire and retain these employees for three consecutive years can receive a one-time tax credit of up to $5,000 per employee, with smaller businesses (under 100 employees) eligible for an additional $2,500 per qualifying employee. The bill emphasizes personal responsibility, workforce participation, and reducing government dependency, with a sunset provision requiring program review in July 2030. The legislation aims to provide a "hand-up" rather than a "handout" by encouraging economic mobility through tax incentives and workforce development.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=4245&session=126&summary=B