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Senator Carlisle Kennedy of Lexington County believes that helping small business owners should be a priority for the state legislature. While big businesses, with their out-of-state ownership and shareholders, often get the tax breaks and other state incentives, Senator Kennedy tells podcast host Frank Knapp that he wants to focus on in-state small business owners who are the heart of communities.
Senator Kennedy's efforts have been to reduce the business property taxes owed by a small businesses. His first bill 2024 would have reduced the fair market value of business property owned by a small business. He has just introduced a new version of that bill that would give a $10,000 tax credit on business property owned by a small business.
He argues that reducing property tax on small businesses will wind up providing more tax revenue for counties because that money will be spent in their local economies.
