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%. |
Everton drops appeal against Premier League points deduction after staving off relegationPochettino at ease about Chelsea job status. Not 'end of the world' if he leavesJapanese automaker Honda reports booming profit on sales growth, weak yenFormer U.S. Open champion Dominic Thiem to retire at the end of the seasonUnusual floods in eastern Congo causing hardship to almost half a million people, WFP saysVirginia board votes to restore Confederate names to schoolsVirginia women's rowing coach Kevin Sauer says this will be his final seasonPGA CHAMPIONSHIP '24: The big moments at ValhallaJapanese automaker Honda reports booming profit on sales growth, weak yenLions made OT Giovanni Manu of Tonga the 1st NFL draft pick from University of British Columbia