The National Federation of Independent Business State Director Ben Homeyer urged the South Carolina Senate on Apr. 29 to approve two bills aimed at reducing financial and regulatory pressures on small businesses.
The proposed legislation, H. 5006 and H. 3021, seeks to address long-standing concerns among small business owners about taxes and state regulations. Supporters say these measures would help foster economic growth by easing burdens that can hinder expansion and job creation.
H. 5006, which passed the Senate Finance Committee, would exempt the first $10,000 of a small business’s net depreciated business personal property from taxation and remove 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. Then every year, 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.” He continued: “Our current system discourages investment and makes it harder for small businesses to grow and create jobs. H. 5006 would provide meaningful tax relief and cut red tape for small businesses across South Carolina.”
H. 3021 calls for more thorough review of regulations affecting small business by requiring agencies to justify new rules with clear legal authority as well as implement cost estimates, regular reviews, and automatic expiration schedules for older regulations. “When agencies add rules, it can mean more paperwork, more delays and higher costs,” Homeyer said. “H. 3021 would help ensure that regulations are truly needed, within the law and fully reviewed for their impact on small employers.” He added: “Our members are urging their senators to support both bills and help Main Street businesses grow and create jobs.”
The National Federation of Independent Business – South Carolina bolsters community well-being by supporting the state’s small business sector according to its official website. The organization offers advocacy efforts as well as educational resources designed specifically for local entrepreneurs according to its official website. It maintains nonprofit status while engaging with lawmakers in pursuit of advancing priorities important to independent companies according to its official website.
Founded in 1943 as a nonprofit entity dedicated exclusively to representing independent firms according to its official website, NFIB delivers legislative support along with economic insights intended to strengthen both individual enterprises and broader community growth through advocacy initiatives.
