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flag South Carolina’s House passed a bill exempting small businesses from personal property taxes on $10K of equipment, benefiting 98% of small firms.

flag The South Carolina House has unanimously passed a bill exempting small businesses with fewer than 100 employees and under $10 million in annual sales from paying personal property taxes on the first $10,000 of business equipment, potentially benefiting 98% of the state’s small firms. flag The measure, aimed at reducing tax burdens on independently owned operations, could cut local property tax revenue by about $9 million, leading some counties to consider raising millage rates. flag The bill now moves to the Senate for review.

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