SC House income tax cut likely coming up for quick vote
COLUMBIA, S.C. (AP) – A proposal by Republican leaders in the South Carolina House to cut income taxes starting next year is on its way to the House floor for what will likely be a vote Wednesday. The House Ways and Means Committee voted unanimously Tuesday to approve the bill that would cut the state’s top 7% income tax rate to 6.5% next year and push all other taxpayers into a 3% bracket. House leaders say they want to bring the proposal to a vote Wednesday. The cuts would cost $600 million in the first year. Senate Finance Committee Chairman Harvey Peeler introduced his chamber’s income tax cut plan last Thursday, proposing cutting the 7% rate to 5.7%.