As part of our mission to be on the forefront of advocacy for South Carolina CPAs, the SCACPA Advocacy team is pressing forward on our messaging to legislators to take action on the state tax code’s Conformity to the Federal Tax Code.
Because SCACPA remains focused on getting a Conformity bill passed this year, we mailed letters on Feb. 28 to all state legislators that outlines the difficulties if South Carolina does not Conform.
SCACPA CEO Chris Jenkins has sent an email to all SCACPA members that outlines our thoughts on the urgent need for Conformity. That email contains a link to a copy of our letter to legislators, which SCACPA members are encouraged to forward to their representatives.
Among State House action that has been taken: A South Carolina House panel proposed a tax reform package that would include a flat state income tax rate of 4.85% and a 3% tax on services.
There is currently no tax in South Carolina on services, but this would affect all manner of professional financial service providers. SCACPA believes neither of those proposals are viable options for South Carolina under normal circumstances, and they do nothing to alleviate the immediate pain points of taking no action on Conformity.
There is no better time than now to reach out to your legislator and urge action on South Carolina Tax Conformity. Please get in touch with SCACPA Board Members or staff if you have questions about Conformity or are willing to contribute to our effort to turn Conformity into a win for South Carolina taxpayers.
Click here to see the entire text of the latest issue of “View From The Dome,” a weekly newsletter by our advocacy partner Copper Dome Strategies, LLC, that reviews major developments from the legislative session.