The Palmetto Insider

The blog of the South Carolina Policy Council

H 4478 Passes Out of Conference Committee

leave a comment »

The “Economic Development Competitiveness Act of 2010” (H 4478) passed out of conference committee today. The bill passed in spite of lawmakers’ concerns about there not being caps – or accountability – regarding how tax credits authorized by the bill will be awarded. That speaks volumes about the state’s economic development polices – and reminds us why we need transparency for taxpayer-funded economic development deals.

As we’ve written, H 4478 contains millions in incentives for various special interests, ranging from alternative energy producers to start-ups to waste-grease biodiesel producers. Left out are independent business owners seeking broad-based tax relief.

Next up, both chambers will vote whether to concur with the conference committee version of the bill. Then, all eyes will be on the governor. Will he veto a bill that even Senate leaders have called a “Christmas tree”?

Meanwhile, keep watching to see what the Legislature does with the governor’s budget vetoes, as well as retail incentive legislation that seems headed toward conference committee.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: