Mount Pleasant, S.C. – WCBD – Mount Pleasant Town Council meets Tuesday night to vote on whether to send an opposition letter to state lawmakers regarding a proposed tax reform act.
The bill calls to change the control of taxes from the local level to the state level.
Under the tax reform act, a business license will no longer be based on your receipts but be based on your business net income tax figure.
Mount Pleasant Mayor Will Haynie said the business license income will be cut in half from the current 24 million dollars which would fall on the shoulders of homeowners and taxpayers to make up the difference. Haynie says he does not see the will of the council to do that.
The main complaint from the Town of Mount Pleasant will be the change in who pays local business tax fees. If a company lives outside of the town or county but does work in Mount Pleasant they will only be charged a one-hundred-dollar fee.
Representatives from the state say the main goal of the bill is to standardize business processing.
Under the tax reform act, there will only be seven standard rate classes and businesses would only be required to pay taxes at one central location.
The bill is in its first draft.