Tax break legislation designed to spur commercial property sales and economic growth failed in the South Carolina Senate last week. A compromise agreement fell four votes short and was sent back to committee.

The amendment would have eliminated additional taxes at the point of sale on second homes, businesses and commercial real estate for any sales this year, and would have reduced taxes from the purchase price in 2011 and beyond by 20 percent.

Senators pushing the bill said it may be dead for the year, but some other parties are not so sure. One of those is Scott Price, general counsel for the South Carolina Association of School Boards.

School districts and local governments stand to lose millions under the measure, but they agreed with realtors over the compromise.  Price says he felt that the failed vote was inevitable because it required 31 supportive votes, but he expects to see the measure again. [Read more...]