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McCoy Sponsors Comprehensive Tax Reform
Package Reforms Income, Sales, and Property Taxes

Wednesday, March 14, 2012

Columbia, SC - After six months of review of the work by the House Republican Caucus Tax Reform Study Committee, State Representative Peter McCoy (R-Charleston) has co-sponsored legislation that will reform state taxes, help taxpayers, and grow businesses.

"For years, government has simply put their toes in the water when it comes to tax reform," said McCoy. "With the legislation filed, we simply jumped right in. And, I can tell you, the water feels great because we are going to put power back in the people's hands once and for all."

The legislation filed will have positive economic effects for both families and small businesses. For families, the bills will flatten the income tax, giving nearly all South Carolinians a tax cut. For small businesses, the bills will eliminate the corporate business tax, cut the business property tax rate from10.5% to 6%, and cut the small business active income from 5% to 3%.

McCoy, a small business owner, said: "I am an unapologetic conservative, who believes in a smaller government. As such, I will continue to fight for smaller, fairer, flatter taxes so we can put money back where it belongs - in people's pockets. By doing this, we not only give families strength to pay their bills each month, but we also give businesses the power to invest, grow, and create new jobs."

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McCoy's co-sponsored bills are H.4993, H.4996, H.4997, H.4998, H.4999.