Three of seven bills in package move out of subcommittee today
SOUTH CAROLINA HOUSE OF REPRESENTATIVES
HOUSE REPUBLICAN CAUCUS
COLUMBIA – The House Republican Caucus moved three tax reform bills through subcommittees today as it begins work on getting tax reform through the State House.
The three bills approved today were:
- Cut the business property tax rate from 10.5% to 6%.
- Flatten the income tax from six tax brackets to three (0%, 3%, 7%).
- Drop the property tax from 6% to 5% on commercial and rental property.
“We took a major step forward in our tax reform plan by getting these bills out of subcommittee today,” said Rep. Garry Smith. “Moving these three bills out of subcommittee on the first day available to us shows the republican caucus is serious about reform and will take action to make it reality.”
Four more pieces of tax legislation are awaiting hearings this week or next week. The Caucus is on track to get each of the bills through the House before the crossover deadline on May 1.
“Comprehensive tax reform is the first item on the Republican Caucus agenda for 2012, and we are very serious about getting this passed,” said Assistant Majority Leader Bruce Bannister. “This package makes our tax system more fair, helps families, and promotes job creation. It is imperative we get this through this year, and today’s action shows we are acting on our promise.”
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