“Roadmap” Published by Tax Foundation Will Guide Business Community, Legislature
COLUMBIA, S.C. – The South Carolina Chamber of Commerce today unveiled a blueprint for comprehensive tax reforms published by the Tax Foundation and the S.C. Chamber Foundation entitled, “South Carolina: A Roadmap for Tax Reform.”
The document takes a comprehensive look at the state’s current tax structure, identifies what the state does well and, most importantly, makes specific recommendations on improvements to tax laws that are outdated, inefficient and uncompetitive.
“South Carolina’s tax code needs to be overhauled, and the business community is ready to roll up its sleeves and do just that,” said S.C. Chamber President and CEO Ted Pitts. “Working together with members of the General Assembly and experts from the Tax Foundation, we can reform parts of the tax code that make it harder to do business in our state and ignite a new era of growth that will make us the envy of our neighbors and the nation.”
“Tax reform will not only make our state more competitive, it will create jobs, and that’s a win for everyone. The business community looks forward to partnering with members of the General Assembly to make tax reform a reality and keep South Carolina on the move,” said Lou Kennedy, CEO of Nephron Pharmaceuticals and S.C. Chamber Chairman.
In making these recommendations, the Tax Foundation presents four options and shows how each option will move the state forward on the State Business Climate Index, widely-used by business leaders and policymakers as a measure of state-by-state competitive tax policy. "A dynamic, growing state like South Carolina deserves a modern tax code built for today's economy. The Palmetto State has a lot going for it, and there’s no reason that an outdated, overly complex tax code should hold it back," said Jared Walczak, Senior Policy Analyst, Tax Foundation.
The Tax Foundation’s work is the product of months of research, analysis and interviews with state and local government officials, CEOs, CFOs, small business owners, manufacturers, accountants, school district leaders, everyday taxpayers, and many more individuals and groups around the state.
In the coming weeks, the Tax Foundation will present its blueprint for comprehensive tax reforms to members of the General Assembly, and the S.C. Chamber will work with them to make the state more competitive for business development.