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Legislators to discuss business property tax break - Live5News.com | Charleston, SC | News, Weather, Sports

Legislators to discuss business property tax break

COLUMBIA, S.C. (AP) - South Carolina legislators plan to launch debate on a business real estate tax break even though weeks of negotiation have yielded no compromise.

Wednesday's debate involves efforts to keep business property owners from feeling the brunt of a tax law change that gave homeowners a break by limiting how fast the values of their residences increased for tax purposes.

Because of that, commercial and apartment building owners say they're seeing huge increases in tax bills and real estate agents say that's stifling the ability to sell property.

County governments and schools stand to lose $44 million yearly under the legislation.

Businesses and local governments had tried for weeks to compromise on the issue, but a deal to phase in the changes fell apart.

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