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, regardless of whether they pay any taxes. The other $1 billion would go toward cutting the state’s top income tax rate from 7% to 5.7%, trimming the property tax paid by most manufacturers from 9% to 6% and eliminating income taxes entirely on military retirement income. After one more routine approval, the bill heads to the House, which has already passed its own tax cut package which includes the military income tax exemption and reduces the top income tax rate from 7% to 6.5% next year and keeps cutting to 6% over five years.

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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 …

States tapping historic surpluses for tax cuts and rebates
2 years, 3 months ago

States tapping historic surpluses for tax cuts and rebates

Associated Press  

— Stoked by the largest surplus in state history, Missouri’s Republican-led Legislature devised a $500 million plan to send one-time tax refunds to millions of households. “Now is the time for the largest income tax cut in our state’s history,” Parson declared as he called lawmakers back for a September special session to consider a $700 million permanent tax reduction. …

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 …

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 …

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 …

SC Senate ups ante to $2 billion in income tax cut debate
2 years, 10 months ago

SC Senate ups ante to $2 billion in income tax cut debate

Associated Press  

COLUMBIA, S.C. — The financial leader in the South Carolina Senate proposed nearly $2 billion in income tax cuts and rebates on Thursday, adding an even larger number to the debate on cutting taxes heating up in the General Assembly. “You can’t out tax cut Harvey Peeler, so let’s get down to the negotiation table,” he said. “If a tax …

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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