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South Carolina announces 2023 tax rate cuts for businesses

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Unemployment insurance tax rates will decrease or remain the same for all South Carolina employers in 2023, according to an announcement from the S.C. Department of Employment and Workforce and the governor’s office.

The state will set tax year 2023 rates to raise about the same level of revenue as the previous two years, and rates will either be the same or lower than the prior three years, according to a news release from DEW. No tax rate class will experience an increased tax rate in 2023.

This is the tenth year in a row that DEW, the General Assembly and the governor’s office have been able to maintain or lower unemployment insurance taxes, the release said.

“This 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,” said Gov. Henry McMaster in a statement.

The state’s unemployment insurance trust fund has a balance of about $1.4 billion, according to the release.

 

Reach Christina Lee Knauss at 803-753-4327.

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