wistv.com - Columbia, South Carolina |Business owners cry foul at new business license rule

Business owners cry foul at new business license rule

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COLUMBIA, SC (WIS) - Business leaders in Columbia voiced their displeasure over a new rule from City Council aimed at determining more precisely how much money those businesses were bringing in.

City staff said some of those businesses, nearly 40 percent in one year, were under-reporting their revenues.

The city said that was costing the city $100,000 in lost license fee money.

So the city said as of Jan. 1, applicants for renewals would have to turn over copies of  their federal tax returns and property tax receipts.

Some owners said that was intrusive and potentially risky if the information fell into the wrong hands.

Staffers admitted the change could have been handled better and they promised that tax information would be protected and shredded if necessary or possibly reviewed, but not stored by the city.

Mayor Steve Benjamin and others say the city is just trying to be fair to all businesses and they say many of the ones who are reporting their revenues accurately are in favor of the requirements.

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