Gov. McMaster Proposes Tax Cut For Military Vets And First Responders

Lexington, SC (WOLO)– Friday, Gov. Henry McMaster proposed a tax cut that he believes will help more than 50-thousand retired South Carolinians. While law enforcement leaders said this will help them not only in retirement but also in their organizations’ future.   

A big proposed tax break for those who put their lives on the line for us every day. Gov. McMaster pitched a $22-million tax cut for those who serve, and that’s just for its first year.  

“They have put their lives on the line for us and we owe them many thanks. And we will never be able to pay them the full value for what they have done,” McMaster said.  The governor said more than 57-thousand retired veterans, police officers, firefighters, first responders, and peace officers will benefit from the proposed tax cuts. The governor is calling for full and immediate exemption of retirement income from state income taxes.  

“It’s certainly going to help my family and it’s certainly going to help a lot of the other first responders out there,” Lee Foster said, Newberry County’s Sheriff.

Under the proposal, Military retirees under 65 could save more than $500 a year.  Retirees past that age can save nearly $200.

Law enforcement, firefighters, and first responder retirees under 65 could see a $700 savings. Those over 65 could save more than $100 a year.  Law enforcement leaders said it will be a great way for them to encourage new generations to consider serving as a career.

“Hopefully both. You know, in law enforcement we’re fighting a huge challenge of attracting good, qualified people in our profession. When we go across the state talking to our colleagues, and even in the county, everybody’s on recruitment and retention. So this is just another huge tool we can put in our toolbox to help attract professionals,” Jay Koon said, Lexington County’s Sheriff. 

“It’s a creative way to, again, not only recruit but also retain firefighters in the fire service of South Carolina. So, I applaud him for being creative, I applaud him for extending the hand to take care of those who put their lives on the line day in and day out,” Jonathan Jones said, South Carolina’s State Fire Marshal. 

The proposal is part of Governor McMaster’s executive budget. He will reveal the whole thing on Monday. He said it is an easy way for the state to show gratitude and appreciation for their service.