01 Nov Beaufort Regional Chamber of Commerce supports Capital ‘Penny’ Sales Tax
CAPITAL PENNY
The Beaufort Regional Chamber of Commerce Board of Directors voted unanimously in a position of support for the Capital ‘Penny’ Sales Tax. The Capital ‘Penny’ Sales Tax will raise funds to pay for a preset list of needed municipal and county projects and will be discontinued or ‘sunset’ when the predetermined amount is raised. Unique to funding these projects using a (1%) sales tax is that, according to a study conducted by the University of South Carolina Beaufort, an estimated (30%) of the funds raised for the project list will be paid for by visitors to our County as opposed to 100% of the amount if it is bonded. The savings through use of a penny tax equates to a direct displacement of tax burden in the amount of $35,700,000 of the $119,000,000 that would be collected. While the conversation regarding the Capital ‘Penny’ Sales Tax is often reduced to discussion around one or two projects, please consider the following that will need to be paid for in some other manner:
- $13,000,000 to Downtown Beaufort Parking Garage
- $44,692,000 to go to road maintenance county-wide
- $4,000,000 to Waterfront Park and much-needed Downtown Marina maintenance and improvements
- $6,255,695 for Sheriff’s Office communications equipment
- $2,800,000 to road resurfacing and sidewalk construction of Town of Port Royal owned streets
Vote yes for the Capital ‘Penny’ Sales Tax!
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