Subcommittee approves changes to tax exemption

COLUMBIA, S.C. - A bill indexing the $50,000 homestead tax exemption to reflect inflation cleared the House Ways and Means Sales and Income Tax Subcommittee on Wednesday.

Taxpayers who are permanently disabled, legally blind or 65 years and older receive the exemption for property tax purposes on the fair market value of their home.

The bill would raise the exemption yearly based on inflation reflected in federal income tax brackets.

The bill now moves to the full Ways and Means Committee.