SC Senate unanimously passes income tax cut and rebate
COLUMBIA, SC (AP) — The South Carolina Senate has unanimously passed a $2 billion income tax cut and rebate bill, setting up what will likely be intense negotiations with the House over the $1 billion tax cut it passed last month.
The proposal would send a rebate of at least $100 to everyone who files an income tax return in South Carolina, Taxpayers who do owe state income tax would get that amount back up to $700.
It cuts the state’s top income tax rate from 7% to 5.7%, The House’s tax cut bill trims the top rate from 7% to 6.5% now, eventually falling to 6%. All other brackets would collapse to 3% under the House plan.
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