COLUMBIA, S.C. (AP) — The South Carolina Senate started debating a budget Tuesday that accelerates a planned income tax cut instead of the House plan to use $500 million to give homeowners a one-time property tax rebate.
Once the spending plan passes the Senate, a group of three House members and three senators — likely including the leaders of each chamber’s budget committee — is going to have to sort out the differences over the next month or so with the tax break and other items in South Carolina’s $15.4 billion spending plan for next budget year.
Republican Senate Finance Committee Chairman Harvey Peeler has called the competing tax breaks a wonderful problem to have in the 2024-25 fiscal year budget, which again left lawmakers with a substantial pot of additional money to spend.
But Peeler has left little doubt he thinks spending $100 million to knock the income tax rate most people pay in the state from 6.3% to 6.2% is the right move, saying it lasts forever compared to a one-year drop in property tax. The state is in the middle of a five-year effort to cut its top income tax rate from 7% to 6%.
Pentagon set to send $1 billion in new military aid to Ukraine once bill clears Senate and Biden
China leads gold tally as teenage diver Quan shines at Tokyo Olympics
Nadal beats Djokovic in straight sets to win 13th French Open title
Chinese tourists' return greeted by destinations
Football dream passes from father to son
Xi Calls for Breaking New Ground in China's High
Mushroom mania fuels tourism innovation
Analysts: US missile deployment expected to assist Philippines’ defense — Radio Free Asia
Press conference for 2020 Chinese National Athletics Championships held in Shaoxing, Zhejiang