The Palmetto Insider

The blog of the South Carolina Policy Council

Senate Finance Subcommittee Considering Small Business Tax Relief?

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Last week, the Senate Finance Sales and Income Taxation Subcommittee contemplated a comprehensive strike and insert amendment to H. 4478, the Economic Development Competitiveness Act. One change the amendment would make to the House version of the bill would be to delete the section that eliminates the corporate income tax. Sen. Chip Campsen spoke briefly to the subcommittee, notifying them that if they approve the bill as is (with the elimination of the corporate income tax), he will propose an amendment that gives small businesses tax relief as well. Sen. Campsen noted his concerns with the lack of parity between corporations and small businesses the elimination of the corporate income tax would create. Lawmakers voted to carry the bill over, giving them more time to review both the bill and the amendment.

The subcommittee plans to meet again on Tuesday at 1:30. By all accounts, the House proposal to eliminate the corporate income tax will continue to be a sticking point in the Senate. Of course, the worst case scenario is that H. 4478 passes without any broad based tax cut whatsoever. To learn more, read here.

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Written by SC Policy Council

March 29, 2010 at 10:42 am

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