On December 16, 2014, the Senate passed H.R. 5771, the Tax Increase Prevention Act of 2014, by a vote of 76-16. South Carolina REALTORS® (SCR) applaud Congressional leaders in both chambers for their effort to pass the legislation prior to adjournment.

The bill includes a one-year extension of several expired tax provisions that benefit homeowners, including tax relief for mortgage debt forgiveness. The Mortgage Forgiveness Tax Relief Act prevents underwater borrowers from paying taxes on any mortgage debt forgiven or cancelled by a lender in a workout or after their home was sold for less money than was owed.

The legislation also includes one-year extensions of the 15-year depreciation schedule for leasehold improvements and the deduction for improvements to energy efficient commercial buildings. “Realtors have worked hard to ensure Quality of Life for all, by championing these key real estate tax provisions.

We are thankful for the bipartisanship of the legislators and look forward to the bill being signed into law,” said SCR CEO Nick Kremydas. The House passed the bill on December 3. It now goes to the President, who is expected to sign it into law.

– See more at: http://www.realestaterama.com/2014/12/22/south-carolina-realtors%C2%AE-applaud-final-passage-of-legislation-extending-key-real-estate-tax-provisions-ID025542.html#sthash.GDCF9ZyM.dpuf

As S.C. lawmakers are working to come up with a solution to repair South Carolina’s crumbling roads, a record number of Palmetto State residents will be driving during the Christmas and New Year’s holidays.

North Carolina officials want to close the gap with South Carolina and other states that offer larger incentive packages and lower tax rates to lure companies – sometimes causing Charlotte to miss out on hundreds of jobs.

One prefiled bill by the SC House of Representatives would raise the current $300 sales tax cap on vehicles up to $750, with the additional money going.

Another bill prefiled by Rep. Nathan Ballentine, R-Chapin, would use any new money collected from Internet sales for state roads and bridges. He thinks it’s just a matter of time before the U.S. Congress passes a law requiring states to collect the sales tax on things people buy online.

He says, “How can we vote to raise a gas tax before we consider other alternatives? It’s my opinion, and others at the national level, that Congress will approve their bill next session and SC needs to be ready to pass along more than $100 million to our roads that does not involve a new tax or any tax hike.”

For the full story click the link below.

http://www.wltx.com/story/news/local/2014/12/18/sc-lawmakers-looking-at-several-options-to-pay-for-roads/20613525/

Education is one of the few bipartisan issues that SC Legislators can agree on. There are several different plans that would address the states public education system.One bill sponsored by: Reps. Horne, M.S. McLeod, Brannon, J.E. Smith and Skelton is entitled “The S.C. Jobs, Education and Tax Act” (SCJET).

The legislation is  supposed to generate revenue for schools in two ways: by rolling up more than 70 existing school funding sources into a single funding stream and by establishing a uniform statewide 100-mill levy. Revenue would be distributed to schools on a per-pupil basis (estimated at more than $5,400 per student), with weightings for factors such as grade level, poverty, gifted and talented, and special needs. The uniform millage rate is not an added levy, but supports the local district levy for school operations.

SCJET is not fully self-funding. To maintain state commitments in prosperous communities and increase funding in poor communities, the Legislature will need a balance of $600 million, with additional money required for the transition to a new system.

For the full article click the article below.

http://www.islandpacket.com/2014/12/10/3480476/sc-needs-a-new-plan-for-road-improvements.html?sp=/99/342/

The issue of road improvement is one that is a large issue in this coming years legislative session. A new projection by a S.C. commission predicts the state will need to spend another $60 billion during the next 25 years on its roads. And the state lacks the money to do it. The plan, just released by the S.C. Transportation Commission, puts state revenue projections at only $28 billion during that period, meaning South Carolina will be about $1.5 billion short each year of meeting its road needs.

Two lawmakers are proposing separate fixes to different parts of the state’s crumbling road system, one to address the state’s local roads and the other to widen and improve South Carolina’s interstates.

Sen. Nikki Setzler, leader of Senate Democrats is proposing legislation that would build an interstate improvement fund by taking money form car sales tax while leveraging it with revenue bonds to collect an estimated $590 million dollars a year for existing interstate expansion and improvements.

Republican Rep. Tommy Stringer, of Greenville is proposing two different bills to fix the states road system. First he wants to transfer 21,000 miles of secondary and local roadways to county and local governments. And his second bill would raise the states gas tax and use that increase of 5 cent increase to help pay for the roadway improvements.

For more on this story please click the link below:

http://www.greenvilleonline.com/story/news/politics/2014/12/02/lawmakers-propose-different-fixes-states-roads/19787511/

Members of Anderson County’s legislative delegation said Monday that fixing the state’s crumbling roads, ethics reform and school choice will top the agenda when the South Carolina General Assembly convenes next month.

Sen. Billy O’Dell, Sen. Kevin Bryant, Rep. Anne Thayer, Rep. Joshua Putnam and Rep. Jonathon Hill shared their thoughts about the coming legislative session during the monthly meeting of 1st Monday Club of Anderson. The meeting was held at Master’s Wok restaurant on North Main Street in Anderson.

State Sen. Greg Hembree, R-North Myrtle Beach, said the state needs to revamp how gas taxes are administered. He and other state lawmakers discussed gas tax at the 2014 Legislative Luncheon, hosted by the Myrtle Beach Area Chamber of Commerce. Gas prices in South Carolina have dropped dramatically in the past two months. The statewide average on Nov. 20 was $2.59, down 57 cents from, Sept. 1, when it averaged $3.16, according to AAA Carolinas. South Carolinians are paying 47 cents less at the pump compared to last Thanksgiving, when they paid $3.06, AAA Carolinas figures show.

Read the full story by clicking the link below.

http://www.myhorrynews.com/news/business/article_c143b9a4-7415-11e4-9b68-eb9d71528ccd.html

A House proposal that failed last year could form the foundation of a solution to South Carolina’s K-12 education-funding crisis.

The proposal would establish a statewide property tax rate to pay for schools. The taxes collected from businesses and industries would be distributed among the state’s 82 school districts, based on their student population.

Taxes from mega-industrial deals — including Boeing in Charleston County, BMW in Spartanburg County, nuclear reactors in Fairfield County and tire makers in Sumter and Aiken counties — would be spread among all schools across the state’s 46 counties, helping eliminate the disparity in the amount of money that industry-poor rural counties now have to spend on schools.

For 25 years, the plan would ensure that wealthier school districts do not see their budgets cut. But, after that, taxpayers in districts could find themselves subsidizing schools in poorer areas of the state.