Newsletter: Tax Reform, Offshore Oil, Securitization, Town Halls

Newsletter: Tax Reform, Offshore Oil, Securitization, Town Halls

Newsletter
April 15, 2019

Opinion: Trump’s tax reform didn’t help small business

“Hard reality: There was never a crisis holding corporations back from growing our economy that warranted this enormous tax cut. However, there was and is a serious business crisis in the country. Small-business start-ups traditionally account for most net new jobs. The Senate has now recognized our nation’s small-business crisis by forming an Entrepreneurship Caucus with bipartisan leadership to develop solutions.

Clearly, this is an economic problem that the tax code can help address. The recent small-business poll found that two-thirds of small-business owners support partly rolling back the 40 percent tax cut corporations received to fund policies that instead help small businesses. It also found that tax policies small-business owners support include making the first $25,000 in profit for a small business tax-free, simplifying the tax code and giving small businesses some relief on payroll taxes.

A new tax-reform bill is needed that supports and rewards the Main Street entrepreneurs who create jobs and invest in our communities. If we want new job growth, we need more small businesses. If we want to offer individuals and families a path to financial security and upward social mobility, we need more small businesses. If we want to really lift our economy, we need more small businesses.”

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Bill to block offshore oil infrastructure advances in the House

Following the lead of California, New York and New Jersey a House subcommittee reported out H.3087 last week.  That bill would prohibit infrastructure along our coast that would be necessary to transport, store or process any oil from offshore drilling.

That’s the good news.

The bad news is that the same subcommittee also approved H.3471 which would block any government actions that would prohibit transportation, storage or processing oil from offshore drilling.

Confused???

This should help.   A co-sponsor of H.3471 is also the chair of the subcommittee that reported out both bills.

The full House Committee on Agriculture, Natural Resources and Environmental Affairs is the next stop for both bills.

The Small Business Chamber supports H.3087.

 

Bill supported by Duke and Santee Cooper moves forward.  Dominion opposes.

Senate Majority Leader Shane Massey’s bill on securitization got a favorable report from a Judiciary subcommittee last week.  The State newspaper has a story explaining what S.110 would do and why Dominion Energy opposes the bill (hint: it could lead to reduced rates for SCE&G customers and cut into Dominion’s profits).

The full Senate Judiciary committee could debate the bill next week.

The Small Business Chamber supports S.110.

 

Town halls on the sale of Santee Cooper have good attendance and vigorous discussion

The South Carolina Small Business Chamber holds it 3rd town hall on the possible sale of Santee Cooper tonight in Orangeburg (Orangeburg County Library, 510 Louis Street at 5PM).

Town halls in Charleston and Myrtle Beach have been well attended.  Santee Cooper supporters have turned out to express their concern about the possible sale of the state-owned utility.

Santee Cooper is about $8 billion in debt; half of this is a result of the construction costs for the abandoned nuclear plants in Fairfield County.  Santee Cooper rates have already increased 5% because of the nuclear debt and are scheduled to go up another 7% in less than two year.  Several private utilities have offered to buy Santee Cooper and eliminate all the debt from ever being charged to ratepayers.

The Small Business Chamber supports the sale of Santee Cooper to protect small businesses from increased rates and to close the utility’s coal plants in favor of renewable energy and less carbon-polluting gas plants.

And speaking of Santee Cooper and renewable energy, you’ll want to read, “Report: Santee Cooper failing to promote, expand solar power”.

Upcoming town halls:

Rock Hill
April 23, 5-6PM
York County Library, 138 East Black St., Rock Hill, SC  803-981-5858

Sumter
April 29, 5-6:30PM
Sumter County Library, 111 N Harvin St. Sumter, SC  803-773-7273

Lexington
May 1, 5:30-7PM
Lexington County Library, 5440 Augusta Rd., Lexington, SC  803-785-2600