Economic Development Competitiveness legislation introduced in S.C. House

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An economic development group composed entirely of private-sector industry leaders made several recommendations aimed at improving the state’s economic standing. The suggestions were introduced today in legislation in the House.

Staff Report
Published Jan. 28, 2010

The work and recommendations of an economic development group formed by House Speaker Bobby Harrell to improve the state’s competitiveness have been drafted into legislation and were introduced today in the House.

Harrell created the economic development group with the goals of examining ways to make South Carolina more attractive to new industry, improving the state’s economic climate for existing businesses and suggesting legislative solutions to the General Assembly.

“South Carolina’s economy is the biggest issue facing our state for the next two decades,” Harrell said. “Lowering unemployment and increasing per-capita income are issues that directly affect the lives of South Carolina families. This legislative session will focus intensely on our state’s economic priorities. The Economic Development Competitiveness Act lays out steps we need to take to make our state more competitive in today’s global economy.”

The economic development group, composed entirely of private-sector industry leaders, worked with business leaders, industry experts, the Department of Commerce and other economic development entities to make the suggestions.

“Over the past several years, we have worked hard to create a pro-business climate in our state,” Harrell said. “We now need to implement a proactive economic development strategy that promotes our favorable economic climate to business and industry around the world.”

Some of the major recommendations included in the bill are the elimination of the corporate income tax, restoration of the closing fund and other improvements to the state’s economic incentive tools. The economic development group also expressed support for other legislative initiatives being sought by the House this year — tort reform, reform of the Employment Security Commission and dual rail access at the Port of Charleston.

“This job creation strategy was created by private-sector input, because it’s the private sector — not government — that must lead us out of these difficult economic times,” Harrell said.