 - Senate Finance approved trimmed-down income tax break_files/archives_title.gif) |
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Posted on Tue, Mar. 29, 2005 | | |
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Senate Finance approved trimmed-down income tax break Associated Press COLUMBIA, S.C. - Small businesses would get a tax break under a bill the Senate Finance Committee approved Tuesday. The committee agreed to amend a House bill backed by Gov. Mark Sanford that called for lowering the state's top income tax rate from 7 percent to 4.8 percent during the next decade. That plan would have cost more than $1 billion. Instead, the committee approved a version that affects only small business owners and is backed by all but a handful of senators. It cuts the top rate small business owners pay from 7 percent to 5 percent - the same rate corporations pay on their profits. It would cost about $129 million when fully implemented in four years. The legislation now heads to the Senate floor for debate. | |||