Bill > H4619

This bill amends South Carolina's sales tax law to provide a sales tax exemption for small businesses by allowing them to choose one month per year during which all their sales will be exempt from sales tax. The bill defines a "small business" using the standard definitions from the Small Business Administration and the North American Industry Classification System (NAICS), a standardized method for classifying businesses by industry. To participate, a small business must inform the state's tax department by October 1st of the previous year which specific month they will select for their sales tax holiday. This provision aims to support small businesses by providing them with a temporary financial benefit that could help stimulate sales and reduce their tax burden. The bill will take effect immediately upon receiving the Governor's approval, which means small businesses could potentially utilize this exemption in the near future after the bill becomes law.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=4619&session=126&summary=B