Lexington, SC (Angelica Iglesias) - South Carolina Governor Henry McMaster proposed eliminating taxes on retirement income for veterans, retired state and federal law enforcement, retired firefighters, and other retired peace officers at the Lexington County Veterans Memorial on Friday, January 5.
Along with the plan is a 1% tax cut over five years to all state income tax brackets for South Carolinians across the board. The $162.3 million in state income tax cuts have already been included in the Governor’s first Executive Budget which will be released next week.
If the proposal is passed, it will go into effect July 1 and will benefit nearly 60,000 retired peace officers around the state. Some retirees could save approximately $700 a year in state taxes. However, the tax cuts do not apply to retired state employees.
Leaders in the community like Lexington County Sheriff Jay Koon believe the tax cuts will help in recruiting new law enforcement.
Governor McMaster believes that “we owe [retired peace officers] many thanks” which is what he is trying to do through the new budget.