Gov. McMaster signs SC boat tax cut

COLUMBIA, S.C. (WOLO)– Governor Henry McMaster officially signed a bill that would give South Carolina boat owners a tax cut.

Before the signing of the bill South Carolina had a disproportionately high tax rate on their boats compared to other property such as homes and cars.

Under the new bill, it exempts over 40% of the fair market value of a watercraft, eliminates the requirement to title an outboard motor which led to double taxation and lowers the boat registering fees.

The new bill is expected to take effect January 1st 2027.

McMaster also signed an income tax bill into law that will have taxpayers pay less income tax next year.