South Carolina shines a spotlight on tax benefits for veterans. The South Carolina Department of Revenue has launched an effort to recognize the tax breaks offered to military veterans as well as active-duty personnel. The department is trying to shine a light on the benefits available to the serving and retired military personnel, including the benefits available to veterans with a service-connected disability.
Speaking to the media, Director Hartley Powell of the state’s Department of Revenue said that there’s a need to recognize the services and sacrifices of the military personnel, veterans, and their families. An important part of this, Powell hinted, is to inform them about the tax benefits and breaks that are available to them.
For veterans with disabilities, South Carolina law stipulates a number of tax exemptions. Veterans with a total and permanent service-related disability can have the tax waived on up to two vehicles. In addition, such veterans with disabilities can also avail tax exemptions on a land of up to five acres in size, or a home built on the same land.
For veterans under the age of 65, the state allows tax exemptions of up to $14,600 on the retirement income they may receive from the military. If there is no other earned income, the applicant can seek an exemption of $3,000.
For veterans aged above 65, a greater range of tax benefits are offered. Veterans in this age bracket can avail an exemption of up to $27,000 on the retirement income they receive from the military.
The family and spouses of the veterans also enjoy several benefits. Veterans with permanent service-related disabilities, for instance, can purchase a vehicle jointly with a spouse with full tax exemption. The surviving spouses of veterans can also qualify for tax exemptions on up to one vehicle owned entirely by them.
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