COLUMBIA, S.C. (AP) — The South Carolina Senate started debating a budget Tuesday that accelerates a planned income tax cut instead of the House plan to use $500 million to give homeowners a one-time property tax rebate.
Once the spending plan passes the Senate, a group of three House members and three senators — likely including the leaders of each chamber’s budget committee — is going to have to sort out the differences over the next month or so with the tax break and other items in South Carolina’s $15.4 billion spending plan for next budget year.
Republican Senate Finance Committee Chairman Harvey Peeler has called the competing tax breaks a wonderful problem to have in the 2024-25 fiscal year budget, which again left lawmakers with a substantial pot of additional money to spend.
But Peeler has left little doubt he thinks spending $100 million to knock the income tax rate most people pay in the state from 6.3% to 6.2% is the right move, saying it lasts forever compared to a one-year drop in property tax. The state is in the middle of a five-year effort to cut its top income tax rate from 7% to 6%.
Related articles:
Related suggestion:
Ohio police officer killed in 'ambush,' suspect soughtChina's credit structure improved in Q1: PBOC reportEurovision fans get the nibbles and drinks in ahead of the biggestChina reports current account surplus in Q1Taylor Wenczkowski scores in 3rd OT, Boston beats Montreal 2We'll call the midwives to give whooping cough vaccinations to babies, say Labour's Wes StreetingDAN HODGES: Keir Starmer has sold his soul to hardEden Golan defies the protesters: Israel's hotlyCatholic priest stuns worshippers by telling them Christ had an erection when he died on the crossChina reports current account surplus in Q1
3.5995s , 6499.4140625 kb
Copyright © 2024 Powered by South Carolina Senate wants accelerated income tax cut while House looks at property tax rebate ,International Intervals news portal