Business Community Urges Senators To Pass Tax Conformity
June 14, 2018
COLUMBIA, S.C. – The South Carolina Chamber of Commerce released a joint letter today with the South Carolina Manufactures Alliance, the South Carolina Association of CPAs, the South Carolina Retail Association, the South Carolina Realtors, and the South Carolina Bankers Association calling on the Senate to pass revenue neutral tax conformity when they return on June 27th. Several national organizations including the Council on State Taxation (COST), the National Foreign Trade Council (NFTC), and the Office for International Investment (OFII) also signed on to the letter.
“For decades the South Carolina General Assembly has looked out for the state’s taxpayers by conforming to the Federal Internal Revenue Code and they need to again this year,” said South Carolina Chamber of Commerce President & CEO Ted Pitts. “We thank the South Carolina House for their leadership on this issue and call on the Senate to pass a conformity bill when they return at the end of June. If the SC Senate fails to act on conformity it will cost South Carolina taxpayers time and money.”
“On behalf of the South Carolina Manufacturers Alliance, we urge the South Carolina Senate to promptly pass tax conformity legislation. Companies need predictability in the tax law to accurately calculate and pay their estimated income taxes and employee withholdings in this calendar year,” said Sara Hazzard, President and CEO of the South Carolina Manufacturers Alliance.
“On behalf of the 21,000 members of the South Carolina Association of REALTORS, we urge the Senate to pass federal income tax conformity legislation” said South Carolina Realtors CEO Nick Kremydas. “Keeping our tax code simplified will benefit the consumers of South Carolina by minimizing unnecessary confusion and expense to the tax payer”
“The South Carolina Association of CPAs urges the passage of Tax Conformity to avoid chaos and confusion for South Carolina taxpayers at this pivotal stage” said South Carolina Association of CPAs CEO Chris Jenkins. “Without Conformity, South Carolina’s easy-to-prepare tax returns would turn into a nightmare. Delaying Conformity action until more study is completed is not helping the state’s individuals or businesses. A Conformity bill must be passed to avoid the uncertainty of conflicting obligations at the state and Federal tax levels. It’s the right thing to do.”
“The South Carolina Retail Association, on behalf of its member retailers, urges the South Carolina General Assembly to address federal tax conformity during their upcoming special session” said South Carolina Retail Association Executive Director Lindsey Kueffner. “Delaying conformity could cause taxpayers to file amended returns for 2017 and 2018, which creates an administrative nightmare for state government and businesses alike. The retail industry employs 1 in 4 workers in the state and it is these workers who will face ramifications if the legislature doesn’t act.”
“Failure to pass conformity will hurt both consumers and businesses throughout the state” said President and CEO of the South Carolina Bankers Association Fred Green. “We strongly encourage the senate to pass the House bill. “