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SC House approves credit for wealthy investors

COLUMBIA, S.C. (AP) -- The South Carolina House has approved a bill designed to encourage millionaires to invest in fledgling small businesses.

The House voted 78-18 Wednesday to approve the measure Republicans hope will boost job growth in a state with high unemployment.

Opponents say the state already exempts too much from taxes.

The bill caps the state's revenue loss at $5 million annually. It requires another perfunctory vote before heading to the Senate. House Republicans call it a priority for the session.

The bill says so-called "angel investors" could claim up to 35 percent of their investment as a credit on their state income taxes. Each investor could claim credits of up to $100,000 a year, and recoup the amount over 10 years.

Nearly two dozen states already give such tax credits.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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