$2B income tax and rebate bill heads to SC Senate floor
COLUMBIA, SC (AP) — A bill that would give everyone who files an income tax return in South Carolina a rebate of at least $100 is speeding its way through the state Senate.
The Senate Finance Committee on Tuesday unanimously passed the $2 billion bill, which also includes cutting the top income tax rate in the state from 7% to 5.7%.
The proposal would give people who owe no state income tax $100 and filers would get the tax they pay back up to $700. The proposal now heads to the Senate floor.
The sometimes long-winded Senate Finance Committee debated the bill for less than 20 minutes.
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