A bill has been filed at the State House in South Carolina that would exempt tips from individual income taxes. The legislation, inspired by a similar proposal from former President Donald Trump, is gaining bipartisan support in the Senate. Supporters of the bill argue that individuals who rely on tips for their income are already paying little to no income taxes. However, a fiscal impact study suggests that implementing the bill could result in a $14 million annual loss in state revenue. Some senators have raised concerns about the broad language of the bill, which could potentially be exploited by individuals seeking to avoid paying taxes on other forms of income. An amendment to address these concerns is being considered for the bill. Similar legislation has been proposed at the federal level and in other states, including North Carolina and Georgia. The bill is set to be discussed further in future Senate meetings.
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