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ILN Today Post

South Carolina: Tax reform is back on the table

In December 2010, the South Carolina Taxation Realignment Commission (TRAC) issued its 240 page Final Report, the result of “the most comprehensive and holistic study of [the] [s]tate’s tax structure.” The report contains TRAC’s assessment of the adequacy, fairness, and efficiency of the Palmetto State’s tax system, with the ultimate goal of ensuring that “South Carolina remains an optimum competitor in its efforts to attract business and individuals to locate, live, work, and invest in” the state.

The report concluded that while South Carolina is a low tax state, compared to its neighbors, the region, and nationally, the current tax structure is hindered by structural deficiencies that challenge the system’s ability to produce a stable stream of revenue over time, for even the most basic of services. Additionally, the current structure is inadequate for producing a system that is fair in its treatment of all taxpayers.

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