Bill > S0151

This bill proposes to provide property tax relief for small businesses in South Carolina by creating a new tax exemption. Specifically, the bill defines a "small business" as a commercial, retail, service, industrial, or nonprofit entity that is registered and headquartered in South Carolina, owned by state residents, independently operated, and either employing fewer than 100 full-time employees or generating less than $10 million in annual gross sales. The legislation would exempt the first $30,000 of a qualifying small business's property value from county, municipal, school, and special assessment real estate property taxes. This exemption is in addition to existing property tax exemptions and aims to provide financial support to smaller, locally-owned businesses by reducing their tax burden. The bill would take effect upon approval by the Governor, potentially offering immediate tax relief to eligible small businesses across the state.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=151&session=126&summary=B