Economic incentives bill passed in SC House
Lawmakers ditched the idea of doing away with corporate income taxes today and passed an economic incentives bill. South Carolina House members voted 112-0 to adopt a compromise economic incentives bill that does not eliminate corporate income taxes as House Republicans wanted. The Senate vote was 24-14.
The House originally passed the measure that would have phased out corporate income taxes within the next 10 years, starting in 2013. House Majority Leader Kenny Bingham in an interview with the Associate Press says that GOP leaders understand that removing the state’s third-largest source of revenue is not possible at this time.
Some senators say the uncertain economy makes them question the reductions in state tax collections.
