NFIB State Director Ben Homeyer released the following statement today in response to the House’s unanimous approval of H. 4880, legislation that would reduce state income taxes for individuals and most small business owners:
“Thanks to smart leadership by Governor McMaster and House and Senate leaders, South Carolina has a multi-billion dollar budget surplus, so it’s only right that the legislature seizes this opportunity to relieve some of the financial pressure on South Carolina families and small business owners.
“The income tax cuts outlined in House Bill 4480 would put more money in people’s pockets and help small businesses not only survive but expand and offer workers higher wages and more benefits. Most small businesses in the state are organized as pass-through entities, so owners pay taxes at the individual rather than the corporate rate.
“Our hope is that the Senate will follow the House and pass income tax reform quickly and that House and Senate leaders will work together on a final bill that Governor McMaster can sign into law.”