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Haley Signs Small Business Tax Relief Into Law

The measure will keep government running until new budget goes into effect.

South Carolina Gov. Nikki Haley has signed a measure that provides tax relief to small businesses and keeps government running until the new budget takes effect.

On Thursday, Haley signed H. 5418 into law. (Read the full continuing resolution in the attached pdf.)

“It’s a great day in South Carolina,” Haley said. “My number one goal is putting our people back to work. Part of that is recruitment, but the more important part is showing the country that we understand what it means to take care of the businesses we have. We’re going to celebrate this tax relief for small business because it helps them hire people and keeps our economy growing — and it’s another example of South Carolina taking care of the businesses right here in our state.”

The continuing resolution reduces the tax rate for small businesses from 5 percent to 3 percent over the next three years.

By signing the resolution, state financial officers will be able meet payroll deadlines, which means that more than 43,800 public workers will be paid Monday as scheduled.

“With passage of today’s continuing resolution by the House and Senate and approval from the Governor, the Treasurer’s Office has received the warrant from the Comptroller General’s Office and is currently processing state payroll," said Curtis Loftis, state treasurer. "All state employees will receive regular paychecks without delay. A proposed pay raise for state employees was not included in the continuing resolution ratified by the General Assembly.”

In addition to the continuing resolution, the Legislature also approved a $6.7 billion spending plan for the fiscal year beginning July 1.

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