This was a strong week for the business community at the Statehouse.
On Wednesday, the House unanimously passed the State of South Carolina Small Business Tax Cut of 2026 (103–0). The bill defines small businesses as those with 100 employees or fewer or $10 million or less in annual revenue and exempts the first $10,000 of net depreciated business personal property from taxation. This change helps businesses reinvest in the tools, equipment and employees that drive growth. An amendment was also adopted allowing companies headquartered in South Carolina to exclude the first $50 million of equity contributions from a qualifying entity from paid-in or capital surplus subject to the annual license fee. Please join us in thanking your House members for keeping small businesses front and center.
Also on Wednesday, I had the opportunity to host visitors from Leadership Charleston and Leadership Greenville. This is just one of the many ways our chambers collaborate to advocate for the entire South Carolina business community. As two high-growth regions, we share many of the same challenges and opportunities. The class heard directly from legislators, lobbyists and policy leaders about the inner workings of the Statehouse and the policymaking process.
During the day, I stepped away briefly to testify on Senate Bill 227, which addresses local government concurrency programs. The bill would allow local governments to require that adequate public facilities be in place before development can move forward. While that concept may sound reasonable, without clear guardrails it could unintentionally function as a de facto moratorium on growth. Just as importantly, it does not address the underlying issue: South Carolina has not sufficiently invested in the infrastructure needed to support that growth.
To that end, the Chamber proposed amendments to establish level-of-service standards, tie requirements to capital improvement plans, improve transparency and predictability, protect development certainty and provide exemptions for priorities such as attainable housing. We also encouraged the committee to consider sustainable funding mechanisms to help local governments plan effectively. Smart planning benefits the public sector, private sector and residents alike. Our goal is good planning, not stopping development.
The Senate also began a broader conversation on comprehensive tax reform, led by Senator Sean Bennett, which will continue through a special subcommittee. In committee, lawmakers also advanced efforts to modernize SCDOT and streamline processes so roads and bridges can be delivered faster and more cost-effectively.
During this busy and productive week we were also glad to see our partners from Joint Base Charleston and the Coast Guard in Columbia for Military Day at the Statehouse, where they highlighted the military’s mission and impact to legislators from across the state.
As always, we’ll keep you updated on activity at the Capitol. Please don’t hesitate to reach out with any questions.bvincett@charlestonchamber.org.
Have a great weekend!
