The South Carolina legislature has now wrapped up the first year of the current two-year session. We had been watching income tax reform bill H.2416 which would step down income tax rates, with the top bracket initially coming down to 5.39% and then further reductions in future years as revenue goals are met. The House passed the bill, but the Senate won’t take it up until 2026.
Liquor liability and tort reform landed in H.3430 after months of negotiation. The legislation ended up as a compromise with meaningful steps forward for liquor liability laws, and with incremental improvements with tort reform. It is awaiting the governor’s signature. House leadership has said they will address other aspects of tort reform next year.
Also awaiting the governor’s signature is the comprehensive energy policy bill, which will streamline the regulator process for utilities.