Legislative Update: Small Businesses to Receive Tax Cut

Legislative Update: Small Businesses to Receive Tax Cut

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Small Businesses To Receive Tax Cut

Small businesses have a good reason to celebrate. Today the S.C. House concurred with a Senate version of a tax-cut bill that will reduce the state income tax over four years on small businesses from 7% to 5 %, the same rate C-corporations now pay.

“Small businesses now will have a level playing field with big business on the state income tax rate,” said Frank Knapp, Jr., president of The SC Small Business Chamber of Commerce that has been working for this tax cut for 5 years.

“We need to thank House Speaker David Wilkins, House Minority Leader Harry Ott and all the Representatives for this bi-partisan agreement that it was time to give the small business person a tax break that they will use to put back into their business to help it grow,” said Knapp. “We will see greater small business economic development because of this bill.”

Knapp also thanked Governor Mark Sanford for asking the House to concur with the Senate amended bill rather than asking the members to support his tax-cut plan passed earlier by the House. “Governor Sanfords support of the Senate version of the tax-cut bill was very important. He saw the wisdom of immediately getting a piece of his larger tax-cut plan rather than risk giving no tax cut to help for small businesses this year.”