COLUMBIA, S.C. (AP) -- Republican legislators want to boost job growth by giving tax breaks to millionaires who invest in fledgling South Carolina companies.
State Rep. Joan Brady of Columbia says her proposal is meant to encourage rich investors to put their money in emerging businesses that will create high-paying jobs in a state struggling with high unemployment.
But Democratic Rep. Joe Neal says he worries about further reducing revenue at a time lawmakers are making draconian cuts to fill a $700 million budget shortfall.
A House Ways and Means subcommittee delayed action on the measure Thursday to iron out specifics. The proposal is expected to advance: House Republicans have made it a priority for the year.
(Copyright 2011 by The Associated Press. All Rights Reserved.)
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