Gov. McMaster announces 2023 tax rate cuts for SC businesses
The Office of the Governor announced that South Carolina's unemployment insurance (UI) tax rates will decrease or remain the same in 2023 for all employers.
COLUMBIA, S.C. (WOLO)— Governor Henry McMaster and S.C. Department of Employment and Workforce Executive Director Dan Ellzey announced that South Carolina’s unemployment insurance (UI) tax rates will decrease or remain the same in 2023 for all employers.
According to a release provided to ABC Columbia News, this decision is the tenth year in a row that the agency, the General Assembly, and the Governor’s Office have been able to maintain or lower UI business tax.
Governor McMaster says, “Today’s announcement will save South Carolina’s businesses millions of dollars, allowing them to create new jobs for people and invest more in their companies and communities.”
With a balance of approximately $1.4 billion, South Carolina will:
- Set tax year 2023 rates to raise approximately the same level of revenue as 2022 and 2021.
- Rates will either be the same or lower than the prior three years.
- No tax rate class will experience an increased tax rate for 2023.
- Rates will be lower for rate classes 2-19 by an average of 15.5% compared to 2022 levels.
- Not require any solvency surcharge due to the sufficiently high trust fund balance.
- Maintain a balance that ensures the state could withstand a moderate economic contraction.
