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Economic Development Competitiveness Act Passes House

Proactive job growth strategy created by private sector input

(Columbia, SC) – Today, to make South Carolina more attractive to new industry and help our state’s existing businesses grow, the House passed the Economic Development Competitiveness Act of 2010. This plan was developed by recommendations from an Economic Development Group of private sector leaders House Speaker Bobby Harrell created this past summer.

Some of the major recommendations included in the bill (H. 4478) are the elimination of the Corporate Income Tax, restoration of the Closing Fund and various improvements to our economic incentive tools. The Group also expressed its support for other legislative initiatives being sought by the House this year – Tort Reform, ESC Reform and Dual Rail access at the Port of Charleston.

Speaker Harrell issued the following statement about the passage of this job creation strategy:

“We landed a giant by bringing Boeing to South Carolina. And after the dust settled from the biggest economic development win our state has ever seen, many asked ‘Where do we go from here?’ Today, House members provided that answer by passing the Economic Development Competitiveness Act of 2010.

“Our state’s future hinges on the strength of our economy and the private sector’s ability to grow and create jobs. Our economy is the biggest issue facing our state for the next two decades, and the job creation strategy we passed today addresses the heart of securing our economic future.

“We’ve worked very hard over the years to create a low-tax, pro-business climate in our state. This plan takes the next step in making South Carolina more competitive in job creation. Examining how South Carolina and other states address economic development – and weighing those policies with what works and doesn’t work – the Economic Development Group incorporated the direct needs of the private sector and suggested implementing a proactive job creation strategy that promotes our favorable economic climate to business and industry around the world.

“This outside prospective on job growth is innovative and is crucial to our future economic success because it’s the private sector – not government – that will lead our state to economic recovery. These are recommendations from the private sector telling us exactly what potential industries and existing businesses need to locate, grow and expand in South Carolina. This bill shows that lawmakers are listening to the needs of the private sector and that we want their business here.”

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