May 11, 2015
On Monday, May 11, Columbia's The State newspaper published an Op-Ed written by Nexsen Pruet's Burnie Maybank.
In the piece, entitled "How SC can ease lending, boost rural job growth," Maybank wrote about a proposal that would help many small businesses gain access to much need capital.
South Carolina legislators soon will consider whether to take up legislation that would create a state New Markets Tax Credit program. The legislation is patterned after a federal program that was the brainchild of Jack Kemp, signed into law in 2000.
If enacted, the S.C. New Market Jobs Act would provide tax credits to qualified community-development entities that make loans and equity investments in qualified businesses located in low-income communities. Because South Carolina is still poor, almost 60 percent of the state will qualify under the federal guidelines. S.337, introduced by Sens. Billy O’Dell and Paul Campbell, increases the ability of the state to attract federal new-markets funding and leverages the federal New Markets Tax Credit program.
The full Op-Ed from from The State.
Burnie Maybank twice led the South Carolina Department of Revenue, for Governors David Beasley and Mark Sanford. In private practice, he represents companies and organizations needing assistance with matters involving state and local taxation (SALT), tax controversy and economic development incentives.