Officials from the South Carolina Chamber of Commerce recently sent a letter to the South Carolina Senate outlining the reasons the organization supported the passage of H.3147 — a piece of legislation the goal of which was to phase out the state’s income tax liability on military retirement benefits.
“Exempting income taxes on military retiree benefits will bring more military retirees to South Carolina, bolstering our state’s workforce,” Ted Pitts, South Carolina Chamber president, said. “Most military retirees embark on a second career upon leaving the service. Those who serve our country possess traits and skills that South Carolina companies need. At a time when South Carolina is focused on closing its skills gap and providing businesses with a talented workforce, this legislation will move us in the right direction toward building a skilled workforce while remaining one of the most military friendly states in the country.”
The letter stated that “South Carolina’s military community is one of the strongest in the nation, but we are at a competitive disadvantage to more than a dozen states that have eliminated state income taxes on military retirement.”
Chamber officials pointed out the bill would ensure tax relief for veterans and would also make it more likely that active and retired military personnel would make their homes in the Palmetto State.
“Beyond active duty, military retirees can capitalize on their unique skills and leadership qualities while boosting our state’s workforce,” the letter said.