Celebrating Legislative Victories in the 2023-2024 South Carolina Legislative Session

The 2023-2024 South Carolina legislative session has come to a close, marking a productive period with several victories for the CPA profession in South Carolina.

Advocacy is a core value of SCACPA’s strategy and operations, as we constantly strive to represent and protect the CPA profession in the state. Thanks to our members’ support and dedication to legislative initiatives, SCACPA celebrates a strong and positive reputation among South Carolina’s legislators.

In February, several SCACPA members visited the State House for the inaugural Love Our Legislators Day. CPAs were recognized in both chambers and enjoyed meeting with several elected officials, including Senator Wes Climer (R-York).

On the day we visited, Senate Bill 1049 was introduced. This licensure bill aimed to engage legislators in meaningful discussions regarding the CPA pipeline and how we can work together to ensure the ongoing success of the CPA profession. We successfully accomplished our goal of having those discussions, even though the bill intentionally never received a hearing.

In one of the biggest legislative victories, SCACPA proudly worked alongside Representative Shannon Erickson (R-Beaufort) on an initiative to open LIFE Scholarship availability to accounting majors. The bill’s language was adjusted to include accounting among STEM subjects (Science, Technology, Engineering, Math) to accomplish this. The acceptance of this language and the passage of this bill mark a significant step forward in the national initiative to establish accounting as a STEM subject. In South Carolina, students pursuing an accounting degree may now apply for LIFE scholarships to alleviate financial strain and assist them on the road to becoming a CPA. View the bill here.

During this session, SCACPA championed and supported several bills that journeyed to the Governor’s desk, including two federal tax conformity bills (one in 2023 and one in 2024). SCACPA partners with the SC Department of Revenue each year on a conformity bill that aligns the South Carolina Internal Revenue Code with the federal code.

SCACPA supported a bill brought by the SC Department of Workforce and Employment, which was signed into law on May 13, 2024. This new law helps organizations that are behind on their unemployment insurance payments. Previously, the law required that any money paid had to go toward the oldest debt first, and these organizations had to pay the highest rate until all their debts were cleared. This created a cycle of penalties that kept them stuck. With the new law, adjustments can be made based on agreed payment plans, allowing for changes to the rates and how payments are allocated.

SCACPA’s Legislator Connections Community played a significant role in the success of this session. Members nurtured and grew their relationships with their elected officials, strengthening the presence of CPAs at the State House. We aim to ensure every elected official has a direct line to at least one SCACPA member.