NFIB State Director Ben Homeyer released the following statement today in response to the House’s unanimous approval of H. 4480, 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 Caroline 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.”
The National Federation of Independent Business is the nation’s leading small business advocacy organization. To learn more about NFIB in South Carolina, visit www.NFIB.com/SC and follow @NFIB_SC on Twitter.
For more than 75 years, NFIB has been the voice of small business, 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 www.NFIB.com.