Tax break legislation designed to spur commercial property sales and economic growth never got off the ground in the South Carolina Senate.
The amendment would have eliminatede additional taxes at the point of sale on second homes, businesses and commercial real estate for any sales this year, and would have redced taxes from the purchase price in 2011 and following years by 20 percent. The tax exemption compromise was sent back to the Senate Finance Committee Thursday, after it failed Wednesday to get the 31 votes needed by four votes. Pickens County Republican Larry Martin says it may be dead for the year. But on the Senate floor he indicated that he wanted it to retain its status of only needing a final reading, in case it’s called back from committee.
Local governments and school districts stand to loose millions under the measure, but they agreed with realtors over the compromise. The effect of the Senate plan would vary dramaticaly from county to county, depending on when reassessments were taken.