(Columbia, SC) State Representative Bakari Sellers yesterday pre-filed a economic development bill (H.4365) in the General Assembly that would make South Carolina more attractive to companies that manufacture medical devices and lessen the burden of some provisions the Affordable Care Act (Obamacare).
“The federal government has created far too many impediments for businesses to grow and prosper. It is time to lessen the regulatory burden on companies not increase it,” said Rep. Sellers.
Seller’s bill would allow a company developing or manufacturing medical devices in the state – a state income tax credit equal to 100% of the fees paid by the company to the United States Food and Drug Administration (FDA). The fees must accompany applications for FDA approval of media devices. The bill also allows unused such credits to be transferred and used by others in exchange for specific minimum amounts of private financial assistance paid to the transferring company for its use in developing its business.
“It is my hope that by creating this kind of ‘pro economic development’ and ‘anti-regulatory’ environment, South Carolina can attract more manufacturing companies which in turn will bring in good high-paying jobs,” said Sellers.
Sellers plans on aggressively pushing the bill when the General Assembly returns to Columbia next month.
Rep. Sellers is from Denmark, SC and represents House District 90 which covers parts of Bamberg, Barnwell and Colleton Counties. He is a member of the House Judiciary Committee and also a candidate for Lt. Governor.
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4 comments
So, wait, isn’t this just an incentive from state government to a specific industry, which is most likely to benefit large corporations rather than small businesses? I thought those were always bad. SC can’t be picking winners and losers!
Really, it’s just dumb if you ask me. It is akin to surrendering state tax revenues to the federal government, if it even attracts any businesses in the first place. We basically decrease our revenues to counter the feds increasing theirs. Tax relief? Maybe, but the medical device industry is not an unprofitable industry. It does nothing to change the ACA and does nothing to improve health care or significantly lower health care costs. I doubt it’ll bring much in the way of jobs, either, especially if other states do the same.
Twiddling thumbs and pretending it makes a difference? Well, at least it is more productive than driving drunk.
Actually most of the medical mfg companies that do this crapola have less than or just over 50. Most of that garbage peddled on tv is by mega corps that import from china.
Methinks Bakari has a friend in the medical device business.
Bakari needs to read the NYT, based on failure rate for just about anything that “device” makers are selling, they need more regulation, not less.
And, their fees to FDA should increase.
And, we do not need one more business not paying their fair share of taxes.
Another member of the Black Caucus trying to cut a deal with the TEAvangelicals?
And Barnwell and Denmark have lots of high skilled workers to fill those jobs:)