(Columbia-AP) April 14, 2004 - A Senate panel
Wednesday decided income tax cuts should wait until
state agencies get some of their budgets restored.
Governor Mark Sanford's plan to reduce the top income
tax rate of seven percent would begin in July 2005 and
would continue only if the state's revenues grew by at
least two percent a year.
The House passed that proposal last month. But
Wednesday, a Senate Finance subcommittee says the
state's economy would have to grow at least five percent
before the first dollar goes to a tax break.
Rock Hill Senator Wes Hayes says the first three
percent would go to state agencies to help them recover
from three years of budget cuts. Hayes says then about
two percent of annual revenues would be used to cover a
two-year-old deficit and replenish the state's rainy day
fund.
Posted 9:54pm by BrettWitt
 - Senate panel delays tax cuts under Sanford plan_files/hdr_607x37.gif)
 - Senate panel delays tax cuts under Sanford plan_files/dcs.gif){kind=small}
 - Senate panel delays tax cuts under Sanford plan_files/wn_powerby_printable.gif)
 - Senate panel delays tax cuts under Sanford plan_files/pxl_trans.gif){kind=spacer}