SC House to take up sales tax exemptions bill
COLUMBIA – The South Carolina House is debating a bill that eliminates two dozen sales tax exemptions worth less than $13 million.
The House expects to debate the bill on the floor Wednesday. The bill initially eliminated more than $220 million worth of exemptions when House Republicans introduced it last month. But legislators re-inserted 18 items during the committee process after they heard from affected businesses.
State budget advisors provided an updated estimate on Monday.
The bill has a tax-neutral provision, requiring any increased revenue to be offset by lowering the state sales tax.
The committee amendments mean the state’s current 6 percent sales tax would be reduced by a small fraction to 5.98 percent.
The House is also expected to send two tax-cutting bills approved Tuesday to the Senate.