NFIB State Director Ben Homeyer applauded Gov. Henry McMaster and legislative leaders for introducing H.4216, legislation that would significantly reduce the state’s income tax rate to a flat 3.99 percent and implement essential income adjustments benefiting small businesses.

Governor McMaster announced the legislation on Tuesday. The bill is co-sponsored by over 60 House members. H.4216 is expected to come up for a vote before the House Ways and Means Committee next week.

“Reducing the state income tax rate and introducing the South Carolina Income Adjusted Deduction will allow small businesses to grow, create new jobs, and strengthen local economies across our state,” Homeyer said.

He said simplifying South Carolina’s tax structure and reducing rates are necessary for small businesses to thrive and remain competitive.

“South Carolina’s small businesses are counting on the General Assembly to act quickly on this important tax reform,” Homeyer said. “Passing this bill quickly will send a clear message that South Carolina supports small businesses and economic growth.”