A proposal introduced in the State House would lower state income taxes yet raise the state’s gasoline tax to pay for road funding.
Senator Greg Hembree (R – Horry, Dillon Counties) introduced the proposal Tuesday, which would restructure the state’s income tax brackets. Hembree claims the plan would save South Carolina taxpayers nearly $635 million to ease the burden of having to pay more for gasoline tax. The plan would increase the state’s gasoline tax 2 cents annually over six years, which would be toward road maintenance.
Tax reform that fixes the roads is achievable,” Hembree said. “This proposal is an important, long-overdue step to solving two significant hurdles burdening our citizens: an antiquated, inefficient tax system, and fixing our state’s crumbling roads. If we can provide the people of South Carolina tax savings and fix the roads in the meantime, all the better.”
According to a news release from Hembree, the net tax cut to state residents upon full implementation of the plan would be over $94 million annually.
State legislators have been working for two years on a plan to fund improvements to South Carolina roads.
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