Jan. 6, 2018
Homestead Tax Exemption
Income Tax Deduction
One of the best retirement benefits available in South Carolina is a $15,000 deduction from taxable income for taxpayers 65 years of age and older is available. Taxpayers under age 65 may exclude from taxes $3,000 of their qualified retirement income annually. At age 65, the deduction may be applied to any income up to $15,000.
Additional Retirement Benefits Available in South Carolina:
- Your choice to serve or not to serve on city, county or state jury duty after age 70.
- Discounted admission fees to state park facilities.
- Free hunting and fishing licenses (at least one year residency requirement).
- Free tuition at state supported educational institutions after age 60 (subject to space and availability).
- Dependent care credit for families caring for an elderly relative in their home who must hire caregivers in order to work may deduct up to 7% of the amount claimed on their federal income tax against their state income tax.
- Home Care or Nursing Home Credit Tax credit of 20%, not to exceed $300, of expenses paid for intermediate or skilled care to an institution is allowed. A credit of 20% on expenses, up to $300 annually, is allowed on state income tax for nursing home care at home or in a licensed institution.
- Social Security and railroad retirement benefits taxed for federal purposes are not taxed in SC.
- Seniors age 85 and older are exempt from the additional 1% sales tax. This exemption does not apply to the 3% tax on unprepared food.
- Vehicle biennial registration fee for private passenger-carrying vehicles discounted to $20.
- Car insurance credit is mandated for persons who are 55 years of age or older and have successfully completed a driver training course approved by the Department of Public Safety.