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House GOP Statement on Tax Reform Progress
May 09, 2012

FOR IMMEDIATE RELEASE

For More Information
Rep. Tommy Stringer
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House GOP Statement on Tax Reform Progress
Senate Committee moves top House tax reform priority


COLUMBIA – The House Republican leadership issued the following statements today about the Senate Finance Committee’s support of the Small Business Tax Cut:

“Today’s 17-1 vote to pass the small business income tax cut is a major step forward toward comprehensive tax reform,” said Rep. Tommy Stringer, R-Greer. “This legislation will help tens of thousands of small business owners and self-employed South Carolinians keep more of their money, reinvest in their businesses, and keep more of their hard-earned money.”

H. 4996 slashes small business “active income”: This legislation slashes the business income entrepreneurs report on their personal tax forms from 5 percent to 3 percent so they can invest in, and grow, their businesses. This should lower the tax paid on these returns by about $1,000. This reform will be implemented over 4 years.

“Being an entrepreneur is not easy, and it is a key function of government to get out of the way so the private sector can create jobs,” said Rep. Rita Allison, R-Lyman. “This legislation is important, but the House Republican Caucus did not intend to keep tinkering with the tax code. This legislation is part of a package that flattens the income tax and reforms our state’s sales tax exemptions. Comprehensive tax reform is the goal, and I hope the Senate will quickly consider the other legislation that is part of our package.”

Stringer added: “I’m proud that the Senate Finance Committee has taken concrete action in supporting the Republican Platform’s call to create ‘a Tax Policy which promotes prosperity.’”



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