The Small Business & Entrepreneurship Council ranked South Carolina as one of the nations entrepreneur-friendly states. The index takes a look at 46 different policy measures including an assortment of tax, regulatory, and government spending measures. The Palmetto State was ranked No.14 on the council’s annual index of states with the friendliest policies and lowest costs for small business. According to the council, South Carolina earned its ranking for our fairly low individual capital gains tax, no inheritance tax, low consumption- based taxes, low fuel taxes; and a low number of health insurance mandates. However, our 7% personal income tax plus high dividend and interest taxes were listed as negatives, along with high workers compensation costs and a high crime rate.
South Dakota ranked as the councils No. 1 entrepreneur-friendly state followed by Nevada at No. 2; Texas, No. 3; Wyoming, No.4; and Florida, No.5.
In contrast, the states with the least favorable policies include Maine at No. 46; New York at 47, Vermont at 48, New Jersey at 49, and California at No. 50.
“Small businesses are benefiting from policy competition between the states and it is encouraging to see leadership on key issues such as fiscal reform, sensible spending, and tax and regulatory relief.” Karen Kerrigan council president and CEO.
For more information on the Small Business & Entrepreneurship Council click here.