South Carolina Senate passes income tax and rebate bill
Next week the State Senate next is expected to put the finishing touches on a bill to reduce personal income tax rates. A similar bill was unanimously approved by the House a couple of weeks ago thus almost assuring the long sought tax cut being enacted.
The Senate bill would lower the top income tax rate from seven to five-point-seven percent. It also would eliminate the tax on military retiree income, and reduce manufacturers property tax from nine percent to six percent.
Many state and business leaders have advocated a reduction of the income tax for years maintaining the rate is too high and puts the state at a competitive disadvantage with other southeastern states.