COLUMBIA, S.C. (AP) – South Carolina officials are allowing expanding companies hundreds of millions of dollars in local tax breaks on top of the headline-grabbing incentives the state approves.
The State of Columbia report s that counties, school districts, cities and airports are for the first time disclosing the value of business tax breaks. Reports in so far show that local officials awarded new and expanding companies tax breaks worth more than $220 million in 2016.
The actual total likely is far higher because 13 of South Carolina’s 46 counties haven’t yet released financial reports for their most recent fiscal year. Some of the 33 counties that have reported didn’t include tax breaks given by cities and school districts.
Critics say the tax breaks for big business shift the tax burden to smaller firms.
Information from: The State, http://www.thestate.com
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