SC Panel Defeats Bill to Cut Business Property Tax

COLUMBIA, S.C. (AP) _ A House panel has voted down a bill cutting South Carolina’s tax rate on manufacturing property. The measure is part of a tax reform package introduced last week by the House Republican Caucus. The measure failed in a Ways and Means subcommittee Tuesday on a 2-2 vote. The panel then refused 2-2 to advance the bill with a negative report. The defeated measure would cut manufacturers’ property taxes from 10.5 percent to 6 percent over four years. State budget advisors expect that to take $228 million from local governments when the phase-in is complete. The panel continues to discuss another bill that would reduce the rate on commercial and rental property from 6 percent to 5 percent over eight years. That total price tag would reach $827 million in 2020-21.