By Lindsay Street, Statehouse correspondent | Tens of millions of state revenues hang in the balance depending on whether the General Assembly runs out the legislative clock on updating the state’s tax code to fall in line with the federal tax code.
Just about everybody at the Statehouse agrees it’s complicated. (It is about income taxes, wags say.) But what leaders can’t agree on at this point is what to do about the tax mess brought on after Congress overhauled the federal tax code late last year.
That dramatic income tax reform eliminated many federal deductions and exemptions. Now if the state doesn’t take action to account for the federal changes, South Carolina would receive a few million dollars more in income tax revenue but, by default, create a duplicative tax system that would likely be a nightmare to tax filers.
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