Senate considers tax cuts

Aiming to follow up on November's slight cuts to the corporate net income and business franchise taxes, the Senate Finance Committee has proposed reducing the former further while erasing the latter over the next several years.

The committee also advanced two companion measures with those bills, to simplify the reporting of corporate net income and to offer a credit for in-state use and development of intellectual property.

The Senate is slated to vote on all four bills Wednesday.

The Associated Press offers an overview of the legislation, which was reported from the committee on Monday. As I note, the deadline for all but committee-originating Senate bills was last week, and Senate bills have until Wednesday to advance to the House.

Public Broadcasting's Scott Finn was perhaps the first with the story (audio link). The Charleston Daily Mail focuses on the two proposed tax cuts.