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Comprehensive Tax Reform Headed To Full Senate web posted February 5, 2009 COLUMBIA – The South Carolina Senate Finance Committee took a huge step Tuesday in brining comprehensive tax reform to the state’s tax structure when it passed the Leatherman TRAC Plan onto the full Senate. Hailed by editorial boards across the state, Senator Hugh Leatherman’s (R-Florence) plan creates the Tax Realignment Commission, a team of experts who will examine the state’s complicated tax code and make recommendations on how to best improve reform it for economic prosperity. Senator Leatherman’s plan is modeled after the federal BRACC program to examine these exemptions while removing the political pressures from the process. An independent commission to assess the effectiveness of the current tax system structure and to provide recommendations for changes to the General Assembly would alleviate the concerns of politics dictating tax policy. Senator Hugh Leatherman, Chairman of Senate Finance Committee, noted, “I am pleased with the Finance Committee’s passage of the TRAC legislation today and I thank the Committee for their vote in favor of this legislation. This will be one of; if not the most important legislation we debate this year. I am convinced that our tax code must receive a comprehensive review. Our tax code is without a doubt outdated. Today we are competing in a knowledge based global economy that demands we have a tax code which is fair and equitable for all. I look forward to full Senate debate on S-12 and passage of this most important legislation.” The next step is to bring the bill to the floor of the Senate. © Copyright 2009
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