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Senate Finance hears revenue update: growth concentrated, corporate tax spike uncertain
Summary
Frank Rainwater told the Senate Finance Committee that South Carolina is growing in population, employment and income but unevenly across counties; he cautioned that recent corporate income tax gains may not be sustainable and flagged workforce shortages and a shifting tax base.
Frank Rainwater delivered a revenue and economic update to the South Carolina Senate Finance Committee, telling members that the state continues to grow in population, employment and personal income but that benefits are unevenly distributed across counties.
Rainwater said South Carolina’s share of national population, employment and income has trended upward in recent years and that the state ranked among the top states in absolute population gains last year. “South Carolina is growing, but we’re uneven throughout the state,” Rainwater said, citing fast growth in counties such as Horry, Jasper, Lancaster and Berkeley and declines in counties including Bamberg, Hampton and Williamsburg.
The presentation underscored three features likely…
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