Incentives

To help make our companies more successful, we offer several incentives to expanding companies, which include:

• Job Tax Credits, which can help offset corporate income tax.
• Credits are worth $5,500 per job.
• Credits accrue for 5 years with a 15-year carry-forward.
• Offsets are worth up to 50% of corporate income tax in a given year.

• Job Development Credits, which can rebate a percentage of payroll taxes.

• Companies can receive a rebate of up to 100%.

• Can be used for 10 years.
• Can also be used to offset land and building costs.
• Must be approved by the state Coordinating Council for Economic Development.

• Enterprise Zone Retraining Credit
• The credit is intended to be used to train existing staff.
• The available refund is up to $500 per or year or a total maximum of $2,000 per employee

Job Development Credit: If a company expansion creates ten or more new full-time jobs, it may be eligible for a discretionary incentive called the Job Development Credit (JDC). Positions should be permanent, pay comparable wages for the area and include health care coverage. Credits may be used for expenditures such as new building construction, the purchase or renovation of an existing facility, improvements to private or public utilities, pollution control equipment, and fixed transportation. There is a $4,000 application fee, and the plan must be approved by the South Carolina Department of Commerce

 

Jobs Tax Credit: Depending on the size of your company, you may earn credits based on the number of new jobs created in a taxable year. The credits can be claimed in the year after the jobs are created and are earned for five years if the mandatory job level is maintained. Any unused credits are available for 15 years. The credits may only offset 50% of taxable income.

 

Details are available in the SC Tax Incentives for Economic Development:

http://www.sctax.org/NR/rdonlyres/FB0D3B76-486B-4450-AB8B-6ACE72F75B70/0/TaxIncentive2008.pdf pages 25-55.