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South Carolina Governor Henry McMaster signed a bill on Friday, May 13, making all retired U.S. military personnel exempt from state income taxes.
The Workforce Enhancement & Military Recognition Act, or H. 3247, received bipartisan support in both the House and Senate as it passed through the State. It is active immediately for all tax years following 2021.
The governor’s initial plea for the bill came in January 2018 as a way to draw more veterans to South Carolina. A major consideration for most Service Members when deciding where to live is whether their retirement income will be taxed or not.
“We’re doing everything we can to incentivize our nation’s heroic Veterans to live, work, and raise their families here in S.C.,” says McMaster. “This is just one more way we can thank our Veterans for their sacrifice, and it adds to the long list of things that makes South Carolina the most military-friendly state in the country.”
Another longtime supporter is Secretary Will Grimsley of the South Carolina Department of Veterans’ Affairs. The SCDVA supports Veterans and their families as they reenter the workforce, recognizing them as an invaluable part of the local economy.
Grimsley says that retired military and their families “bring years of experience as leaders, know how to build teams to solve challenges, and they consider a diverse workforce as the norm”. He believes with the passing of H. 3247, veterans will be more inclined to stay in South Carolina.
South Carolina is the latest of approximately three dozen states to pass this law. Prior to this legislation, Veterans were only eligible for partial tax exemption if they served a minimum of twenty years.
If you are a retired U.S. Service Member residing in South Carolina, or anticipate that you will be, reach out to a local WebsterRogers tax or finance professional to discuss how this legislation may affect your investment/retirement plans.