Facts & Figures 2024: How Does Your State Compare?
Facts & Figures serves as a one-stop state tax data resource that compares all 50 states on over 40 measures of tax rates, collections, burdens, and more.
2 min readHow does South Carolina’s tax code compare? South Carolina has a graduated state individual income tax, with rates ranging from 0.00 percent to 6.40 percent. South Carolina has a 5.0 percent corporate income tax rate. South Carolina also has a 6.00 percent state sales tax rate and an average combined state and local sales tax rate of 7.50 percent. South Carolina has a 0.46 percent effective property tax rate on owner-occupied housing value.
South Carolina does not have an estate tax or inheritance tax. South Carolina has a 28.75 cents per gallon gas tax rate and a $0.57 cigarette excise tax rate. The State of South Carolina collects $4,375 in state and local tax collections per capita. South Carolina has $7,260 in state and local debt per capita and has a 60 percent funded ratio of public pension plans. Overall, South Carolina’s tax system ranks 29th on our 2024 State Business Tax Climate Index.
Each state’s tax code is a multifaceted system with many moving parts, and South Carolina is no exception. The first step towards understanding South Carolina’s tax code is knowing the basics. How does South Carolina collect tax revenue? Click the tabs below to learn more! You can also explore our state tax maps, which are compiled from our annual publication, Facts & Figures 2024: How Does Your State Compare?
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SubscribeFacts & Figures serves as a one-stop state tax data resource that compares all 50 states on over 40 measures of tax rates, collections, burdens, and more.
2 min readIn recognition of the fact that there are better and worse ways to raise revenue, our Index focuses on how state tax revenue is raised, not how much. The rankings, therefore, reflect how well states structure their tax systems.
111 min readTax burdens rose across the country as pandemic-era economic changes caused taxable income, activities, and property values to rise faster than net national product. Tax burdens in 2020, 2021, and 2022 are all higher than in any other year since 1978.
24 min readIndividual income taxes are a major source of state government revenue, accounting for more than a third of state tax collections. How do income taxes compare in your state?
8 min readGraduated corporate rates are inequitable—that is, the size of a corporation bears no necessary relation to the income levels of the owners.
7 min readRetail sales taxes are an essential part of most states’ revenue toolkits, responsible for 32 percent of state tax collections and 13 percent of local tax collections (24 percent of combined collections).
9 min readThe latest IRS and Census data show that people and businesses favor states with low and structurally sound tax systems, which can impact the state’s economic growth and governmental coffers.
8 min readWhile many factors influence business location and investment decisions, sales taxes are something within policymakers’ control that can have immediate impacts—especially as a large number of major cities have combined rates of 9 percent or more.
6 min readProperty taxes are the primary tool for financing local governments and generate a significant share of state and local revenues.
6 min readThough gas taxes are intended to serve as user fees and pollution deterrents, they vary widely across states. How does your state’s burden compare?
4 min readAs much as 98 percent of vaping products sold in the US are illicit. Most states levy an excise tax on vaping products, but these tax systems vary substantially. The result is a messy tax system covering largely illicit products, and no one knows whether taxes are being collected and remitted on most products sold nationwide.
7 min readHowever well-intended they may be, sales tax holidays remain the same as they always have been—ineffective and inefficient.
11 min readAn ideal sales tax is imposed on all final consumption, both goods and services, but excludes intermediate transactions to avoid tax pyramiding.
15 min readRetail sales taxes are an essential part of most states’ revenue toolkits, responsible for 32 percent of state tax collections and 13 percent of local tax collections (24 percent of combined collections).
8 min readThe vaping industry has grown rapidly in recent decades, becoming a well-established product category and a viable alternative to cigarettes for those trying to quit smoking. US states levy a variety of tax structures on vaping products.
4 min readDifferent layers of taxation on production and distribution combine to make up about 40 percent of the retail price of beer.
3 min read