COLUMBIA, S.C. (AP) - South Carolina lawmakers have dropped the idea of doing away with corporate incomes taxes.
The House voted 112-0 Wednesday to adopt a compromise economic incentives bill that does not eliminate corporate income taxes as House Republicans wanted. The Senate voted 24-14 for the bill.
The measure originally passed by the House would have phased out corporate income taxes over 10 years, starting in 2013. Senators say the economy is too uncertain to further reduce state tax collections.
House Majority Leader Kenny Bingham said Wednesday that House GOP leaders understand that removing the state's third-largest source of revenue is not possible now.