Site Consultant / Taxes and Incentives

Overview

There’s no better place to do business than South Carolina and Lancaster County. The state offers a comprehensive package of incentives, and the corporate income tax rate of 5% is among the lowest in the Southeast. There is no state property tax or local income tax; no inventory, wholesale, or unitary tax on worldwide profits; and no sales tax on manufacturing machinery, industrial power, or materials for finished products. Your company may be eligible for a 5-year exemption from county ordinary property tax or a reduced fee in lieu of property tax.

 

Here are some other specific incentives your company may be eligible for, depending on the total amount of investment, job creation, and wages and benefits offered:

• A lowered corporate income tax rate of 2.5%.

• Property tax incentives that lower the assessment rate to 6%.

• No property tax increases for 20 years.

• Property tax rebates.

• 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.

Specific sales tax exemptions

• Manufacturing production machinery and applicable repair parts.
• Manufacturing materials that become an integral part of the finished product.
• Industrial electricity and other fuels used in manufacturing tangible personal property.
• Research and development equipment.
• Air, water, and noise pollution control equipment.
• Packaging materials.
• Long distance telecommunication services, including 800 services.