South Carolina House and Senate budget negotiators have agreed to phase in a tax cut for small business owners over three years.
/ FILE
COLUMBIA, S.C. (AP) -- South Carolina House and Senate budget negotiators have agreed to phase in a tax cut for small business owners over three years.
The conference committee broke a weeks-long stalemate late Tuesday on the issue. But a larger compromise on the budget remains.
The tax cut agreement gives $20 million in tax relief yearly, eventually reaching the $60 million the House wanted. Small business owners who report their earnings as personal income would see their tax rate reduced from 5 percent to 3 percent by 2014-15.
The deal reverts to what the Senate offered Friday. A counteroffer Tuesday from the Senate would have given $40 million in relief immediately but focused the benefit on very small businesses.
But House Ways and Means Chairman Brian White said that was too complicated.
(Copyright 2012 by The Associated Press. All Rights Reserved.)
TV Station Profiles & Public Inspection Files forWACH