Ben Homeyer, state director of the National Federation of Independent Business – South Carolina, commended the state Senate on May 6 for giving second readings to two bills aimed at reducing financial and regulatory burdens on small businesses.
The measures under consideration are H. 5006 and H. 3021. These proposals are seen as important steps for small business owners seeking relief from ongoing costs and administrative requirements. The organization says these changes could make it easier for local entrepreneurs to grow their businesses and create jobs.
H. 5006 would exempt the first $10,000 of a small business’s net depreciated business personal property from taxation, while also eliminating filing requirements for businesses below that threshold. “Usually, when you buy something, you pay sales tax once,” Homeyer said. “Small businesses pay that sales tax, but they also pay a business personal property tax on the same equipment, the same desks and chairs, the same laptops and tools, year after year. That’s not fair.”
H. 3021 would require a more thorough review of regulations for their impact on small businesses as well as economic development and state agencies. It proposes tighter rules so agencies must have clear legal authority before issuing regulations; it would also set new standards for cost estimates and reviews while creating an automatic expiration schedule so older regulations must be reviewed or renewed periodically. “New rules and regulations can often mean extra paperwork, more delays and higher costs for small businesses,” Homeyer said. “H. 3021 would help ensure that regulations are truly needed, within the law and fully reviewed for their impact on small employers.”
“Our members urge the Senate to give final approval to these long-needed bills and make it easier for them to grow and create jobs,” he said.
The National Federation of Independent Business – South Carolina represents small independent businesses by promoting their interests through advocacy efforts with the legislature across the state; it offers educational resources alongside legislative support in order to enhance economic growth in communities statewide according to the official website.
