SC House approves bills cutting income taxes

COLUMBIA, S.C. (AP) — The South Carolina House has approved bills cutting state income taxes.

Legislators voted 104-3 on Tuesday to collapse the state’s tax brackets and give all residents who pay taxes a modest break. Budget advisors expect it would reduce state revenues by $78 million.

The measure received bipartisan approval after House Minority Leader Harry Ott put up an amendment delaying the cut until next year. The St. Matthews Democrat argued the House shouldn’t create a $78 million hole in its budget without identifying corresponding cuts.

The House then voted 104-3 to reduce the income taxes that small businesses pay on their profits. That reduces revenue by $15 million in 2012-13 and $65 million annually when fully implemented.

The bills are part of a tax-cutting package introduced last month by House Republicans.