The South Carolina Senate unanimously voted to push forward a bill that would immediately reduce state tax rates.
The $2 billion bill would cut the top state tax rate from 7% to 5.7%. It would also provide tax rebates of at least $100 to every person who files a state income tax return.
Those who pay $100 or less, or no taxes, would receive $100 rebates while anyone paying $101-700 or more would receive up to $700 each in a one-time payment.
The Senate bill comes weeks after the South Carolina House passed a similar bill, lowering the top bracket from 7% to 6.5% immediately, eventually dropping it to 6%. The Senate bill now moves to the House for a vote.
The bills would be funded by the state’s surplus money, which has resulted from General Fund revenues and Federal funding.
“There is a substantial amount of money in one-time dollars not only from General Fund revenues but also the federal government…given the robust growth, recurring revenues and given all that one time money, these tax cuts were not unreasonable in that context,” said Sen. Tom Davis (R-Beaufort).
ARTICLE: LAURA SPIVAK
MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: THESTATE.COM
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