Secretariat

U.S. State Programs for New Investments

Available Investment Programs

South Carolina

Taxes

• Companies locating at least 90% of their total South Carolina investment in a county identified as a "Distressed County" (area in which unemployment rate twice State average) can benefit from corporate income tax moratorium - length of moratorium depends on the number of new jobs created.
• A job tax credit, applied against corporate income tax or premium tax, is available to companies that create new jobs - credit amounts range from US $1,500 - $4,500 per job and are available for a five year period but must not exceed 50% of year's tax liability.
• The Enterprise Program's job development credit offers companies tax credits on eligible capital expenditures for a 15 year period - actual value of tax credit depends on number of new jobs, rate of pay, and location of new jobs, as well as satisfying eligibility requirements.
• A corporate headquarters tax credit offers a 20% credit that can be applied against corporate income tax or the licensing fee, credit amount is based on value of the facility dedicated to HQ operations and the tangible personal property costs associated with establishing the HQ.
• The Economic Impact Zone investment tax credit offers companies locating in the "Economic Impact Zones" (areas around Charleston Naval Base, Myrtle Beach Air Force Base, and Savannah River site) a one-time tax credit that can be applied against corporate income tax for up to 5% of the value of an investment in new production equipment.
• A tax credit of 5% on the value of R&D expenditures can be applied against corporate income tax but may not exceed 50% of the companies remaining tax obligation.
• Sales tax exemptions are available for purchases of machinery and equipment, repair parts, materials, manufacturing electricity, and pollution control equipment.
• All inventories, intangible property, and pollution control equipment are exempt from property taxes - in addition, 5, 20, and 30-year property tax abatements are applicable on various investment levels.

Employee Training

• Eligible businesses may negotiate for a refund of up to US$500/year for each production employee undergoing retraining - it is not permitted to claim both job development credits and retraining credits for the same employee.
• The Center for Accelerated Technology Training screens, recruits, and trains individuals on behalf of new or expanding companies at no cost to the companies, "left" width="100%" size="1" noshade>
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