SC Senate backs tax break to offset damage from Act 388 for Commercial Properties
For many, Act 388 is a prime example of our State’s piecemeal tax code. The legislature has formed a commision to propose broad reforms to eliminate the bandaids and patches that play such a prominent role in SC. To make a very long story short, Act 388 shifted much of the burden of funding our schools from home owners to local businesses. Our local businesses have faced the maximum allowed property tax increase for the past three years while home owners have seen their taxes cut dramatically.
As a homeowner, I’ll be the first to say it was nice to see my taxes drop. But unfortunately, a homeowners savings has been made up by struggling businesses, and even then, our school system faces shortfall after shortfall. While this new legislation would provide small businesses with some relief, I have strongly encouraged our local delegation in Columbia to pursue a complete and fair overhall of our State’s tax code. The only solution is a broad equitable tax code which fairly pays for the services dellievered by our State and local governments.
“The legislation was needed to address tax changes passed under 2006’s Act 388, which increasingly has become the poster child for a growing number of revenue problems in the state.”
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