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"The Spread of State NMTC Programs"

"South Carolina's effort to join its neighbors"

Tax Credit Advisor

October 15, 2015

Tax Credit Advisor magazine recently called on Nexsen Pruet tax and economic development attorney Burnie Maybank.  The piece from the September 2015 edition looked at the "popularity" of the new market tax credit program the United States Congress initiated in 2000.

Maybank told the magazine that legislation has been filed in South Carolina for the past two years.  An excerpt.

"South Carolina would follow the lead of fourteen other states....

Job creation and business expansion are the two main policy objectives for a state NMTC. South Carolina does very little to increase access to capital for small businesses. The state offers lucrative incentives to large manufacturers looking to move here, which is certainly an important facet of economic development.  Small businesses, which continue to create the most new jobs in our country, get overlooked."

Read more from Tax Credit Advisor. (subscription required)

Burnet R. 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.