Last week the Senate approved $34 million of lottery funds to go to technical college tuition assistance, one of the Small Business Chamber’s two goals for the budget. Funding this valuable program at this year’s level has been a long, difficult process beginning with zero funds proposed in the first draft of the House budget, $27.2 million in the final House budget, $33 million recommended by the Senate Finance Committee and the full Senate adding another million.
Thanks to all who helped get us to this strong position today. Your messages to our Legislators have been very important in this effort. However, we’re not done yet. The final leg in this journey will be the House/Senate Budget Conference Committee. Your support will again be called upon.
At this point we need to thank the Senate for their support on this issue. Please contact the Senators (listed below) and thank them for voting to renew the $34 million budget for technical college tuition assistance. Tell them that their support is very much appreciated.
No Tax Increase, No Tax Relief for Small Business
The Small Business Chamber’s second goal for the budget was to insure that income tax reduction for small business would be a part of any plan to increase revenue for the state through additional taxes. For several weeks the Senate wrestled with proposals to avoid more cuts to state programs including education and Medicaid. However, all tax increase proposals were voted down including Governor Sanford’s plan to increase the cigarette tax and reducing the income tax on small businesses and individuals.
This week, legislative efforts are expected to address increasing the revenue for the state.
The Small Business Chamber will continue to work to include reducing income tax on small businesses from 7% to 5 % (the rate C-corporations now pay) in any tax increase proposal.