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South Carolina Governor Mark Sanford has announced a three-part proposal to spur job creation and capital investment.

The plan would cut income taxes for individuals and corporations. It would also form a committee to examine the current propery tax structure.

South Carolina Chamber Response:

The following response may be attributed to Otis B. Rawl Jr., President and CEO of the South Carolina Chamber of Commerce.

First, the South Carolina Chamber of Commerce commends Governor Sanford for acknowledging the need to increase South Carolina’s lowest in the nation cigarette tax. But, the South Carolina Chamber believes that any increase in the cigarette tax must be used for healthcare-related purposes only. The Chamber supports increasing the state’s cigarette tax to the Southeastern average to provide premium assistance to individuals and small business tax credits.

The Chamber also applauds Governor Sanford for trying to create a tax reform plan to spur investment and create jobs, but we believe that in order to truly achieve this, comprehensive tax reform must be achieved. Like the Governor has called for, it is imperative that the state examines inequities in the current property tax structure that adversely impact businesses. Examining corporate income tax should be part of this reform.

South Carolina, like the rest of the nation, is experiencing a difficult time in today’s economy, but we are placed at an even larger competitive disadvantage because of past piecemeal approaches to tax reform. These piecemeal approaches have created shortfalls in South Carolina’s budget and ultimately harm the state’s economy, increase job losses and negatively impact everyone’s pocketbook. 

Pieces of Governor Sanford’s proposal should be considered as part of an overall comprehensive tax reform plan. The business community thanks Governor Sanford for his continued dedication and work on behalf of all South Carolinians.