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. So the key question this session may not be whether to cut taxes, but whether to include an income tax cut as a broader effort to reform all kinds of taxes in the state from the hundreds of deductions and rules in the income tax code to the dozens of exemptions to sales taxes to a 2006 property tax swap called Act 388 that limited how much money local governments can raise even as property prices increase, House Majority Leader Gary Simrill said Thursday he only wants the House to tackle the income tax part this year. The Republican from Rock Hill paired the broad tax cut with a bill that would exempt the retirement income of military veterans from state taxes, estimated to cost roughly $10 million a year.

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History of this topic

Mississippi’s Republican governor pushes income-tax cut, says critics rely on ‘myths’
2 months, 4 weeks ago

Mississippi’s Republican governor pushes income-tax cut, says critics rely on ‘myths’

Associated Press  

Tate Reeves said Tuesday that legislators should ignore “myths” from opponents who want to block efforts by him and some other Republican leaders to phase out the state’s income tax. Mississippi collected almost one-third of its general fund revenue from the individual income tax during the budget year that ended June 30, 2023, according to the state Department of Revenue. …

Tax cuts, teacher raises and a few social issues in South Carolina budget compromise
6 months ago

Tax cuts, teacher raises and a few social issues in South Carolina budget compromise

Associated Press  

COLUMBIA, S.C. — A budget compromise reached by a small group of lawmakers Friday means South Carolina will accelerate a planned income tax cut, raise the salaries of all teachers and state employees and send more money to adult and juvenile prisons. A conference committee agreed to the more than $13 billion spending plan for next budget year, sending it …

South Carolina House passes state’s $13B budget as Republicans argue what government should do
9 months, 1 week ago

South Carolina House passes state’s $13B budget as Republicans argue what government should do

Associated Press  

COLUMBIA, S.C. — The South Carolina House gave key approval Tuesday to the state’s $13.2 billion spending plan, including raises for teachers and state employees, $500 million in property tax relief, $200 million for bridges and $100 million to continue long-term income tax cuts. Unlike other debates dominated by the Freedom Caucus during this year’s House session, the discussion remained …

South Carolina Senate and House reach budget deal 1 day after tense meeting
1 year, 6 months ago

South Carolina Senate and House reach budget deal 1 day after tense meeting

Associated Press  

COLUMBIA, S.C. — South Carolina House members and senators reached an agreement on the state’s $13 billion budget Thursday, barely 24 hours after a tense meeting where both sides appeared to be out of patience. The key sticking point — how much money to give Clemson University to make significant progress on the state’s first veterinary school — went to …

N. Carolina House state budget proposal gets initial OK
1 year, 8 months ago

N. Carolina House state budget proposal gets initial OK

Associated Press  

RALEIGH, N.C. — The North Carolina House voted on Wednesday for a Republican-backed budget measure that would fund the state government for the next two years, including billions in spending for infrastructure and mental health and attempts to address inflation and job vacancies with pay raises. “This is not a spend-spend reckless plan but an opportunity to build on our …

Forecast: North Carolina expects $3B-plus surplus this year
1 year, 10 months ago

Forecast: North Carolina expects $3B-plus surplus this year

Associated Press  

RALEIGH, N.C. — North Carolina state government is on track to see a double-digit percentage increase in revenues by the end of the fiscal year compared to the total that legislators used in fashioning this year’s budget, according to a report released Wednesday. Roy Cooper’s state budget office projects that the state will take in $33.76 billion for the fiscal …

Vos wants ‘significantly’ more than $3 billion in tax cuts
2 years ago

Vos wants ‘significantly’ more than $3 billion in tax cuts

Associated Press  

MADISON, Wis. — Wisconsin Assembly Speaker Robin Vos said Friday he wants to cut taxes by “significantly” more than $3.4 billion in the next state budget, while remaining coy about how he wants to address major issues such as funding for schools and local governments. One possibility they’ve discussed is using 1% of the state sales tax to replace shared …

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 …

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, …

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 …

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 …

No extra SC worker pay in budget now; but leaders promise it
3 years, 9 months ago

No extra SC worker pay in budget now; but leaders promise it

Associated Press  

COLUMBIA, S.C. — The South Carolina House gave key approval to the state’s $9.8 billion budget Tuesday, which provides small raises for most teachers and some law enforcement officers, but not for other state employees. Republican leaders promised either a bonus or a raise for most lower-paid state employees if somewhat rosier predictions about the state’s economy recovering from the …

South Carolina revenues up, but no one knows if it will last
3 years, 10 months ago

South Carolina revenues up, but no one knows if it will last

Associated Press  

COLUMBIA, S.C. — South Carolina economists decided Friday to make no changes to 3-month-old revenue estimates because COVID-19 is still causing so much uncertainty in the economy. We don’t want to be careless in this uncertain time,” Rainwater said at Friday’s meeting of the state Board of Economic Advisors. That means the official prediction for South Carolina remains unchanged from …

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