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End corporate income tax? Senators weigh bill

Mar 30, 2010 6:55:00 AM - thestate.com
Eliminating South Carolina's 5 percent corporate income tax was a big priority in the House this year, but its passage in the Senate is uncertain..

The bill, which phases out the taxes corporations pay on profits over 10 years, must first pass a big test today to even get past a Senate committee.

"It won't with my vote," declared Sen. Billy O'Dell, an Abbeville Republican. "We would not be able to take the 5 percent off the table at this time in my view."

That "5 percent" O'Dell speaks of translates into roughly $167 million a year flowing into the state general fund - monies used to run state agencies and programs that serve S.C. residents.

O'Dell, who chairs the Senate Finance Subcommittee on Sales and Income Tax, said his committee is one of possibly two critical tests today for the House-passed S.C. Economic Development Competitiveness Act of 2010.