Senate Finance Chairman Harvey Peeler, R-Gaffney, pictured talking with Senate Judiciary Chairman Luke Rankin, R-Myrtle Beach, in Senate chambers on Thursday, Jan. 11, 2024, proposed a property tax cut to go along with the House’s proposed income tax cut. (File/Mary Ann Chastain/Special to the SC Daily Gazette)
COLUMBIA — Income and property taxes could both go down for some South Carolina residents next year under dual bills advanced out of a Senate committee Tuesday.
The Senate Finance Committee made no changes to a bill the House passed last year slicing the state’s income tax for some residents, with the goal of eventually doing away with the tax altogether. Senators saw the House’s proposal and raised them another tax cut, this time to the property taxes of people 65 and older who’ve lived in their home for at least five years…