Income tax cuts, rebates centerpiece of SC’s $13.8B budget
COLUMBIA, S.C. (AP) - Many South Carolina taxpayers may soon be getting several hundred dollars in tax rebates on top of a cut in their regular tax rates.
The $13.8 billion budget compromise approved by a House and Senate conference committee Friday also raises the minimum salary for teachers from $36,000 to $40,000, puts $1 billion extra into road repair and expansion and gives a 3% raise and $1,500 bonus to state employees.
The compromise immediately cuts the top income tax rate from 7% to 6.5%. Every South Carolinians who pays income tax should get that amount back for this tax year, up to about $800.
The General Assembly returns Wednesday to consider the final budget plan.
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