NFIB State Director Ben Homeyer says small business owners are encouraged by H.5006, legislation introduced today that would lower taxes and cut red tape for South Carolina’s smallest businesses.

Homeyer said the measure would reduce the burden of South Carolina’s tax on small business personal property, which applies to everyday items like furniture, fixtures and equipment. “Small business owners already pay sales tax when they buy these items,” he said. “Paying property taxes on the same equipment year after year makes it harder to invest and grow.”

“H.5006 would address this problem by exempting the first $10,000 of business personal property,” Homeyer said. “Depending on the size of the business, many owners wouldn’t owe this tax at all.”

The measure would also make life easier for small business owners by removing the requirement to file business personal property tax returns for those who qualify, he said. That would save time and reduce paperwork for eligible businesses.

“For many small businesses, especially sole proprietors, home-based businesses and local retailers, H.5006 would save time, reduce paperwork and lower costs,” Homeyer said. “That means owners can spend more time running their businesses and serving their communities.”

Homeyer said the bill recognizes the challenges facing small businesses.

“Small business owners don’t have big accounting and legal departments to sort through state mandates and file the proper paperwork,” he said. “H.5006 would provide practical relief by cutting unnecessary taxes and paperwork, and that’s a step in the right direction.”

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For over 80 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member-driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses, and remains so today. For more information, please visit nfib.com.