South Carolina Statehouse Blog

Bill created by private sector input on improving SC’s economy

(Columbia, SC) – In an effort to make South Carolina more attractive to new industry and improve our state’s economic climate for existing businesses, House Speaker Bobby Harrell created an economic development group to examine this highly important issue and suggest legislative solutions to the General Assembly. This group’s work and recommendations were drafted into legislation (H. 4478) and introduced today in the House.

“South Carolina’s economy is the biggest issue facing our state for the next two decades,” Speaker Harrell said. “Lowering unemployment and increasing per capita income are issues that directly affect the lives of South Carolina families. This legislative session will focus intensely on our state’s economic priorities. The Economic Development Competitiveness Act lays out steps we need to take to make our state more competitive in today’s global economy.”

Comprised entirely of private sector industry leaders, the economic development group worked closely with business leaders, industry experts, the Department of Commerce and other economic development entities to address this unified goal of growing our state’s economy. The economic development group members are:

April Allen – O’Neal Inc.

Lewis Gossett – South Carolina Manufacturers Alliance

Nick Kremydas – South Carolina Association of REALTORS

Burnie Maybank – Nexsen Pruet, LLC; Former Director of the Department of Revenue

Otis Rawl – South Carolina Chamber of Commerce

George Wolfe – Nelson Mullins - Chairman, Economic Development Practice Group

Speaker Harrell said, “This represents another major step the General Assembly is taking in our ongoing effort to grow South Carolina’s economy and create jobs. Over the past several years, we have worked hard to create a pro-business climate in our state. We now need to implement a proactive economic development strategy that promotes our favorable economic climate to business and industry around the world.”

Some of the major recommendations included in the bill are the elimination of the Corporate Income Tax, Restoration of the Closing Fund and various improvements to our economic incentive tools. The economic development group also expressed their support for other legislative initiatives being sought by the House this year – Tort Reform, ESC Reform and Dual Rail access at the Port of Charleston.

“This job creation strategy was created by private sector input, because it’s the private sector – not government – that must lead us out of these difficult economic times,” Harrell continued. “I would like to thank the members of this economic development group for volunteering their time and expertise as we work together to improve South Carolina’s economy.”