An increase in the dependent exemption – The exemption amount for tax year 2024 is $4,790, up from $4,610. The exemption is allowed for each eligible dependent, including both qualifying children and qualifying relatives.
A reduction in the Income Tax rate – The 2024 top marginal rate is 6.2%, down from 6.4%. Use the 2024 SC1040 Tax Tables to determine your rate.
Deduction increases – Two deductions have doubled for Tax Year 2024:
- The Volunteer Deduction increases from $3,000 to $6,000 for qualifying volunteer firefighters, rescue squad workers, Hazmat team members, reserve police officers, and others. Claim on line j of the Individual Income Tax return.
- The
Subsistence Allowance Deduction increases from $8 to $16 for each regular workday for police and all commissioned law enforcement officers, full-time firefighters, and full-time emergency medical service personnel. Claim on line s of the Individual Income Tax return.
- See the
SC1040 Instructions for full details about deductions and exemptions you may be eligible to claim.
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