The South Carolina Department of Veterans’ Affairs (SCDVA) joined South Carolina Governor Henry McMaster for the ceremonial signing of (H.3247) Workforce Enhancement and Military Recognition Act that officially became effective in May.
The ceremonial bill signing on Wednesday at the Shaw Sumter Welcome Center in Dalzell, SC, also comes the same day that SCDVA releases its 2022 study on the Economic Impact of South Carolina’s Military Community.
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According to the report, the annual economic impact of the military community in South Carolina is $34.3 billion a 35% increase from 2019.
This translates to 254,095 jobs that are supported (either directly or indirectly) by the military community along with $14.6 billion in labor income for South Carolinians.
The release of the 2022 study on the Economic Impact of South Carolina’s Military Community comes just months after South Carolina Governor Henry McMaster signed the Workforce Enhancement and Military Recognition Act (H.3247), making the Palmetto State one of more than three dozen states that exempt military retiree-pay from taxation. The study supports Governor McMaster’s signing of the new law.
Today is a monumental day for Veterans in South Carolina. This tax cut for those who have served our country has been a top priority of mine for over five years now, said Governor Henry McMaster. This important step adds to South Carolina's reputation as the most military friendly state in the country and further incentivizes our nation's Veterans to live, work and raise their families in South Carolina.
The Workforce Enhancement & Military Recognition Act is effective beginning tax years after 2021 making military retiree pay 100-percent exempt from state income tax with no earned-income cap. Prior to the passage of the bill, a portion of a military retiree’s income was taxed with only partial exemptions in place.