U.S. Senator Tim Scott: conditions are ripe for small business success in SC
U. S. Senator Tim Scott, R-South Carolina, says now is a good time for small businesses in South Carolina.
“This is a great year to start your small business,” Scott told hundreds of business owners and entrepreneurs at the Grow with Google event in Columbia on Wednesday.
He mentioned two key pieces of legislation that contribute to favorable conditions for small business in South Carolina: The Tax Cuts and Jobs Act, which restructured federal income tax laws, and Opportunity Zones, which allow for business development in areas that lack jobs.
“The average small business will see a 20 percent cut in their overall qualified business income, or tax classification,” he said. “You’ll see doubling of the standard deduction, which means that you keep more of your money, by doubling the child tax credit, making it more refundable.”
Scott said South Carolina small businesses can compete with big corporations for a worldwide market, thanks to the internet.
“We are now competitive around the globe,” Scott said. “We have some really powerful tools now on display from the federal perspective to make sure that small businesses are more likely to start, more likely to continue and more likely to succeed.”
Scott said Google’s offer of assistance to South Carolina businesses to show them how to grow their online presence is working.
“One out of every four clicks on businesses — South Carolina businesses, come from outside of the country on Google,” he said. “That means that literally, a quarter of your business opportunities might be outside the borders of American and they’re finding you through Google. That is a fantastic opportunity.”
At the event in Columbia, Google announced it will donate a $100,000 sponsorship to Columbia College’s Women’s Business Center of South Carolina. The sponsorship will help the center launch business-focused digital skills training for the estimated 25,000 women-driven firms in the Columbia area and the 152,000 women-driven firms in South Carolina.
“As someone who is committed to finding economic opportunities for all Americans, I appreciate Google’s initiative to partner with local communities to help teach valuable lessons to our job seekers and entrepreneurs,” Scott said. “It is no surprise Google has selected a South Carolina city as a stop on their Grow with Google Tour. We have a world-class workforce who is excited for the opportunity to enhance important tech skills that will make them more competitive in the job market.”