September 14, 2016
On August 26, Statehouse Report, an online media outlet covering South Carolina legislative & policy forecasts, reported on tax reform in South Carolina. Publisher Andy Brack wrote that House leaders are examining the state's tax code and reports from the Taxation Realignment Commission (TRAC). For insight into taxation in South Carolina, Brack called on Nexsen Pruet attorney Burnie Maybank.
“With few exceptions, TRAC found that South Carolina is a low tax state by almost any honest measure,” the report said in an overview by its chair, former state Department of Revenue Director Burnet Maybank III. “However, that positive finding should not, for reasons addressed in this report, be misconstrued to suggest that South Carolina‘s current tax structure is not plagued with structural deficiencies. These deficiencies have challenged both the fairness of the current system and the current system‘s ability to produce stable revenues over time.”
The special tax reform committee, appointed by the House, is reviewing the Palmetto state tax code and will suggest reforms prior to the start of the next session in January 2017.
Burnie Maybank is a two-time former Director of the South Carolina Department of Revenue who now represents companies and organizations needing state and local tax (SALT), tax controversy and economic development incentives assistance.