Every SC taxpayer gets at least $100 rebate in Senate bill
2 years, 9 months ago

Every SC taxpayer gets at least $100 rebate in Senate bill

Associated Press  

COLUMBIA, S.C. — Everybody who files an income tax return in South Carolina — even the more than 1 million people who pay no state income tax — would get a rebate check of at least $100 in a bill being considered by the state Senate. They make up about half of a $2 billion package that would also cut the top income tax rate from 7% to 5.7%. Because the extra money isn’t just income tax revenue, it’s important to make sure the 44% of filers who don’t make enough to pay state income tax — about 1.1 million total — get something back because they do pay sales tax, subcommittee chairman Sen. Tom Davis said. Sen. Sean Bennett said calling the Senate bill the “ Comprehensive Tax Cut Act of 2022 ” is not quite accurate because the state’s “tax policy is intricate and has tentacles everywhere.” The Summerville Republican would prefer that the state take a long look at changing income tax, sales tax and property tax policy, getting rid of exemptions and making the system fairer as part of any income tax cut package.

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History of this topic

Mississippi tax cut bills stall despite GOP leaders’ push
1 year, 10 months ago

Mississippi tax cut bills stall despite GOP leaders’ push

Associated Press  

— Tax relief proposals favored by Mississippi Gov. But a group of lawmakers is concerned about passing another income tax cut ahead of November’s legislative elections, Lamar said. “Coming off the heels of last year’s income tax bill, and this being an election year, there are a few that would just prefer to wait a little longer before making further …

Income tax cuts, rebates centerpiece of SC’s $13.8B budget
2 years, 6 months ago

Income tax cuts, rebates centerpiece of SC’s $13.8B budget

Associated Press  

COLUMBIA, S.C. — Many South Carolina taxpayers may soon be getting several hundred dollars in tax rebates on top of a cut in their regular tax rates after a group of powerful lawmakers from the House and Senate agreed Friday to a compromise on the state budget. Along with the tax cut, the plan raises the minimum salary for teachers …

Missouri senators back $500 tax refund for individuals
2 years, 7 months ago

Missouri senators back $500 tax refund for individuals

Associated Press  

— Many Missouri taxpayers could get a one-time refund of up to $500 per individual under a plan endorsed by state senators as a way to help offset inflation while whittling down a state surplus. Individual taxpayers earning up to $150,000 annually and married couples with adjusted gross incomes of up to $300,000 could get a one-time refund of up …

A few SC senators regret $1B tax rebate as$12B budget passes
2 years, 7 months ago

A few SC senators regret $1B tax rebate as$12B budget passes

Associated Press  

COLUMBIA, S.C. — Some Republicans in the South Carolina Senate had a little remorse over taking $1 billion out of the state budget to give income taxpayers rebates. The senators took control of the chamber’s $12.6 billion budget debate for several hours Wednesday, unsuccessfully pushing to have that money spent instead on road improvements, building rural schools, providing a $1,500 …

SC Senate unanimously passes income tax cut and rebate
2 years, 9 months ago

SC Senate unanimously passes income tax cut and rebate

Associated Press  

COLUMBIA, S.C. — The South Carolina Senate unanimously passed a $2 billion income tax cut and rebate bill, setting up what will likely be intense negotiations with the House over the $1 billion tax cut it passed last month. The proposal would send a rebate of at least $100 to everyone who files an income tax return in South Carolina, …

Democrats and Republicans praise tax cuts in South Carolina
2 years, 10 months ago

Democrats and Republicans praise tax cuts in South Carolina

Associated Press  

COLUMBIA, S.C. — The Republican-dominated South Carolina House unanimously passed a $600 million income tax cut Wednesday in less than 15 minutes of debate with much of that time spent by Democrats praising the idea. Between the booming state economy and money saved from previous budget years in case the pandemic caused an economic collapse, South Carolina lawmakers have an …

Mississippi Senate advances 1 tax cut plan; another awaits
2 years, 10 months ago

Mississippi Senate advances 1 tax cut plan; another awaits

Associated Press  

— The Republican-controlled Mississippi Senate voted 40-11 Wednesday to pass a bill that would cut hundreds of millions of dollars in state revenue by phasing out part of the income tax and reducing the sales tax on groceries. Legislatures in several states are considering tax cuts this year, including South Carolina, where a bill to reduce the income tax received …

S Carolina House leaders want to just tackle income tax cut
2 years, 10 months ago

S Carolina House leaders want to just tackle income tax cut

Associated Press  

COLUMBIA, S.C. — Republican leaders in the South Carolina House appear ready to tackle cutting income taxes in the state before this year’s General Assembly session ends in May. A House subcommittee plans to pass a bill cutting the state’s top income tax rate from 7% to 6% in time to be considered along with the budget later this month. …

Mississippi Senate unveils proposal to reduce some taxes
2 years, 10 months ago

Mississippi Senate unveils proposal to reduce some taxes

Associated Press  

— Mississippi Senate leaders unveiled a tax cut proposal Tuesday that they described as a sustainable way to reduce what people pay to the government while maintaining enough money to pay for schools and other services. The plan would reduce the income tax, but it would not eliminate that tax as House leaders are proposing. The Senate plan also would …

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