Legislative Update – S.C. Senate Holds First Meeting on Tax Reform
The Senate Finance Committee’s newly formed Common Sense Tax Reform Special Subcommittee held its first meeting last Thursday, receiving a comprehensive overview of the state’s tax system from the Lincoln Institute of Land Policy, the S.C. Department of Revenue (DOR), the S.C. Revenue and Fiscal Affairs Office (RFA), and the Tax Foundation.
During the meeting, significant focus was placed on the need for South Carolina’s tax system to be more competitive for business, particularly our property tax system, which places a disproportionate burden on businesses.
The subcommittee, which is chaired by Sen. Sean Bennett (R-Dorchester), plans to meet throughout the fall to continue to assess how South Carolina’s tax system stacks up to other states across the country, particularly our peer states, hear from stakeholders, and identify possible solutions to modernize the code and make it more competitive.
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