The South Carolina Senate is considering a proposal. It would give everyone who files income tax in the state a rebate check of at least $100. Over $1 million people in the state pay no income tax. However, they would still be eligible to receive the rebate. The bill started in a subcommittee that sent the rebates proposal to the full Senate Finance Committee Thursday. Additionally, the $2 billion package that includes the checks would also reduce the top income tax rate from 7% to 5.7%.
The tax package was initially passed by the House last week but this Senate proposal doubles the money put into tax cuts by the House. The House tax package did not include the rebate.
South Carolina lawmakers are able to spend an additional $4.5 billion this session because of the booming state economy and money saved from previous budget years, according to an Associated Press report. It will be interesting to see if South Carolina ultimately passes this version of the bill including the rebate.
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