Our view: SC should pass bill for military retirees

Beaufort County knows better than most the power of the military and its retirees.

As home to three military installations, we can feel the $1.5 billion they pump annually into the local and statewide economy.

But we also know that Beaufort County is a popular place for military retirees, including many who served here at some point. We know the positive impact those retirees have made locally in business, government, education and civic affairs -- in addition to their economic impact.

Today, the state Senate has before it an opportunity to do enhance this asset. It is a bill that would exempt military retirement pay from state income taxes. The bill passed the House unanimously last year and the Senate should now follow suit.

Other states have long taken advantage of this tactic for economic and social gain. It is an important tool in recruiting the intellectual capital of retired officers to the state.

It would also be plus for local and statewide efforts to save our bases as the nation continues to realign military bases, closing many.

Last year, the legislature passed seven bills to support troops and build a pro-military reputation. They included extending the property tax exemption on the vehicles of disabled veterans to their surviving spouses, and charging in-state college tuition to service members who leave the service while in South Carolina.

Now the income tax exemption is the top priority, according to the annual State of the Bases briefing sponsored last week by the Beaufort Regional Chamber of Commerce.

With almost 60,000 military retirees in South Carolina, the change would cost the state $30 million in lost revenue when completely phased in after three years. But a Clemson University study shows that other expenditures by an increased population of military retirees would make up for that loss within 10 years. And don't forget that military retirees have an annual statewide economic impact of $1.1 billion.

We have seen these retirees bring a lot to the local work force in their second or third careers. But, more importantly, we also know their contributions to a community that can never be fully measured in dollars and cents.

Quickly passing this bill should be a no-brainer for the state Senate.

This story was originally published January 26, 2016 at 7:14 AM with the headline "Our view: SC should pass bill for military retirees."