Tax Tables Changing in 2017… For the first time in 25 years, the South Carolina Department of Revenue has updated SC Withholding Tax tables for 2017, and they want you to be prepared for the change. On January 1, 2017, these new withholding tables must be implemented in payroll systems across South Carolina. From now on, SCDOR will update the withholding tax tables every year, and the changes will go into effect the following January. According to the Department of Revenue, the outdated withholding tables have led to the over-withholding of taxpayer dollars, which amounted to $1.5 billion in 2015 alone. The updated tables should leave more money in taxpayers' paychecks and will help create more sound state budgeting. To read more about the withholding changes click here.
Fixing S.C. Tax Policy.…On Tuesday, the House Tax Policy Review Committee convened for the first of two scheduled work sessions. Representatives shared thoughts on feedback received during October’s public hearing. The committee continued its discussions on the impact of sales tax exemptions to the state’s revenue collections. A suggestion was made to consider taking all exemptions off the books and then individually justifying whether any should be reinstated. The SC Chamber, in advance of the Tuesday meeting, sent a letter to the committee advising members of the business community’s perspective on potential tax reform measures. To read the Chamber’s letter, click here. The Committee will reconvene on Tuesday, November 15th.
A $205 Million Dollar Hit…. The S.C. Forestry Commission says Hurricane Matthew caused about $205 million in damage to the state’s timber resources. In a news release, the Forestry Commission said the storm primarily affected forested areas in the eastern half of the state. The commission went on to say that the loss was widely scattered but where it did occur damage was severe with blown down, uprooted, and broken trees. It could have been much worse; the losses will only be a small percentage of forestry’s $18.6 billion annual contribution to the state’s economy. The S.C. Forestry Commission says they are working with individuals and mills to help them access any federal assistance.
Tickets on sale….The NCAA Tournament Could Bring $3.8 Million to the Upstate. It has been a long time since sports fans got to enjoy any tournament play on a home court. After the 2002 season, the NCAA boycotted the state in response to the Confederate Flag flying at the Statehouse. The flag came down last year, and the ban was lifted. Now NCAA March Maddness is coming back to our state and will be played at Bon Secours Wellness Arena. This week presale packages went on sale starting at $225 per seat. To buy tickets to the March 17th and 19th round one and two games in Greenville click here.
Election Day is Almost here... While some would say this is an election year no one could forget, a quick reminder that Tuesday, November 8th is Election Day. If you can't get away from work on Tuesday, you have a few couple days left to vote absentee which will end November 7th. You must bring an accepted form of ID to vote which includes a driver's license, S.C. ID card, passport or Military ID. Polls are open on Tuesday from 7 AM–7 PM. If you’re in line at your voting location by 7 PM, you’re allowed to vote. Make sure your voice is heard- VOTE!