South Carolina House Speaker Bobby Harrell (R-Charleston) applauded Wednesday’s passage of the “Bill Wylie Entrepreneurship Act,” which he says will provide incentives to invest in fledging small businesses.
The measure is named in honor of the late Greenville lawmaker who championed the legislation prior to his death a year ago. The measure would offer a tax credit for those who make high-risk investments in startup enterprises. Harrell says the bill makes smart business sense for the economic future of South Carolina.
Under the measure, a person may apply 35 percent of the capital they invest towards the credit.
Some opponents of the bill says it will create what amounts to yet another tax loophole, supporters say the state will be able to make up for the lost revenue over time. Harrell says the measure will provide capital for investment in the backbone of the state’s economy– small business.