Bill > S0890

This bill, titled "Small Business Property Tax Relief," proposes to add a new section to the South Carolina Code of Laws to create a ten thousand dollar property tax credit for eligible small businesses. A "small business" is defined as a commercial retail service, industry entity, or nonprofit corporation that is registered, incorporated, and headquartered in South Carolina, owned by a South Carolina resident who pays income taxes in the state, independently owned and operated, and employs fewer than one hundred full-time employees or has gross annual sales or program service revenues of less than three million dollars. This property tax credit would be in addition to any other exemptions already provided and can only be used by a taxpayer once per tax year. The act will become effective upon approval by the Governor.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=0890&session=126&summary=B