South Carolina proposes lowering its income tax rate to 2.49% by 2026 to boost business attraction.

South Carolina's governor and legislative leaders are pushing a bill to lower the state's 6.2% income tax rate to 3.99% by 2026 and eventually to 2.49%. The plan aims to simplify the tax code and make South Carolina more competitive with neighboring states in attracting businesses and residents. The bill, which could reduce state income tax collections by $200 million, is expected to be voted on before the legislative session ends.