The South Ca rolina House unanimously passed a $600 million income tax cut. The House plan cuts the state’s top income tax rate from 7% to 6.5% next year and will reduce it to 6% over the next five years. About 1.1 million of the state’s 2.6 million eligible people pay that rate.
All other taxpayers would be combined into a 3% bracket, according to The Associated Press.
The South Carolina Senate then unanimously passed a $2 billion income tax cut and rebate bill. The proposal would give a rebate of at least $100 to everyone who files an income tax return in South Carolina, regardless of whether they pay any taxes. The plan will cut the state’s top income tax rate from 7% to 5.7%. The two sides will negotiate this spring for a final compromise.
