NFIB State Director Ben Homeyer today urged the South Carolina Senate to vote “yes” on two bills that would ease the financial and regulatory burden on small businesses.

H. 5006, which passed the Senate Finance Committee on Tuesday, would greatly reduce the state tax on business personal property. H. 3021, a measure calling for greater oversite on state regulations that can raise costs for small businesses, passed the Senate Judiciary Committee.

H. 5006 would exempt the first $10,000 of a small business’s net depreciated business personal property from taxation. The bill would also eliminate filing requirements for businesses below that threshold, providing additional relief for small business owners.

“Usually, when you buy something, you pay sales tax once,” Homeyer said. “Small businesses pay that sales tax. Then every year, they also pay a business personal property tax on the same equipment, the same desks and chairs, the same laptops and tools, year after year. That’s not fair.

“Our current system discourages investment and makes it harder for small businesses to grow and create jobs,” he said. “H. 5006 would provide meaningful tax relief and cut red tape for small businesses across South Carolina.”

H. 3021, meanwhile, calls for a more thorough review of regulations for their impact on small business, economic development and state agencies. It would also tighten the requirement that agencies have clear legal authority before issuing regulations and set new rules for cost estimates and review and create an automatic expiration schedule so older regulations must be reviewed and renewed.

“When agencies add rules, it can mean more paperwork, more delays and higher costs,” Homeyer said. “H. 3021 would help ensure that regulations are truly needed, within the law and fully reviewed for their impact on small employers.”

“Our members are urging their senators to support both bills and help Main Street businesses grow and create jobs,” he said.