SC panel approves bills on business property taxes

COLUMBIA, S.C. (AP) — House panels have approved measures cutting South Carolina’s tax rate on manufacturing and commercial property and increasing some residents’ personal income taxes.

A bill reducing manufacturers’ property taxes from 10.5 percent to 6 percent over four years initially failed 2-2. But the Ways and Means subcommittee voted again after a third Republican arrived.

State budget advisors expect that to take $228 million from local governments when the phase-in is complete.

That panel then approved a bill reducing 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.

A separate panel approved collapsing the personal income tax brackets from six to two. Those with income who now pay zero would be taxed at 3 percent.