South Carolina Senate wants accelerated income tax cut while House looks at property tax rebate
Release time：2024-05-21 18:20:08 Source：International Index news portal
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%.
- Previous：Uber and Lyft say they'll stay in Minnesota after Legislature passes driver pay compromise
- Next：Supreme Court rejects an appeal from a Canadian man once held at Guantanamo
Related articles
- NBA playoffs: Edwards leads Wolves to 98
- Travis Kelce and Taylor Swift will get engaged within a YEAR, claims Dave Portnoy
- Rays starting pitcher Ryan Pepiot placed on 15
- Death toll rises to 56 from southern Brazil's heavy rains
- Kristin Cavallari, 37, ignores critics of her age
- Giants place outfielder Jorge Soler on the 10
- Japanese automaker Nissan reports 92% jump in profit as sales surge
- House quickly rejects motion to oust Speaker Johnson
- Nuggets blow 20
- Turnbull scores twice as Toronto cruises past Minnesota 4
- Socialite Jasmine Hartin enjoys beach snuggle with electrician hunk
- Scarlett Moffatt tells fans to 'embrace the boob gap' in swimsuit
- Europeans want governments to focus more on curbing migration than climate change, a study says
- Rules fights and insults slow down South Carolina House on next
- With Djokovic awaiting the winner, Murray trails Hanfmann at rain
- Yankees slugger Giancarlo Stanton hits 119.9 mph home run, hardest
- Connecticut lawmakers adjourn session, fail to pass AI regulations but pass absentee ballot reforms
- Tiger Woods to be lone player on negotiating committee with Saudis
- Elon Musk gets approval from FDA to implant his Neuralink brain chip into a second patient
- Flexen and DeJong help the White Sox beat the Rays 4
Random recommendation