Corporate Income Tax Credit Incentives
Jobs Tax Credit
A valuable financial incentive that rewards new and expanding businesses for creating jobs in South Carolina. The jobs tax credit for Jasper County is $3,500 per job for a 5-year period.
Corporate Headquarters Tax Credit
A 20% credit provided to businesses locating or expanding their corporate headquarters facility in South Carolina. The credit is based on the value of the actual portion of the facility dedicated to the headquarters operation or lease costs for the first five years of operation in South Carolina.
Enhanced Corporate Headquarters Tax Credit
A credit provided to businesses locating or expanding their corporate headquarters facility in South Carolina. This credit can be applied against 20% of the tangible personal property costs of establishing the headquarters. Tangible property eligibility requirements apply.
Economic Impact Zone Investment Tax Credit
Allows manufacturers locating in "Economic Impact Zones" a one-time credit against a company's corporate income tax of up to 5% of a company's investment in new production equipment. The credit value depends on the applicable recovery period for the property.
Child Care Program Tax Credit
Companies may claim a corporate income tax credit for capital and operating costs of establishing and operating a child care program. The maximum credit claimed may equal 50% of the incurred capital expenditure, not to exceed $100,000.
Research & Development Tax Credit
A tax credit equal to 5% of the taxpayer's qualified expenditures for research and development made in a taxable year in South Carolina.
Tax Rates & Incentives
- Corporate Tax Income: 5%
- Local Property Tax: Fair Market Value (Real and Personal Property) x Assessment Rate
- All Other Businesses: 6% (Real Property) 10.5% (Personal Property)
- Homeowners: 4% (Residences)
- Manufacturers: 10.5% (Real and Personal Property)
- Sales and Use Tax Rate: 5%
Out of State Sales
South Carolina exempts sales tax on gross proceeds of sales of tangible personal property shipped and delivered outside of the state.
Use Tax Credit
South Carolina provides a credit to the use tax for sales and uses taxes on purchases of tangible personal property paid in another state.
Sales Tax Exemptions
South Carolina supports new and expanding businesses with a wide range of valuable state and local sales tax exemptions.
Sales Tax Caps
South Carolina provides a $300 maximum sales tax cap on the sale or lease of:
- Motor Vehicles
- Recreational Vehicles and Other Items
Property Tax Exemptions
South Carolina exempts three classes of property from local property taxation, to include all inventories (raw materials, work-in-progress, and finished goods), intangible property, and all pollution control equipment.
5-Year Property Tax Abatement
A South Carolina local incentive that provides 5-year property tax abatement from county operating taxes. The value of the abatement typically ranges from 30 to 35%.
20-Year Fee-in-Lieu of Property Taxes
A South Carolina local incentive allowing the county to negotiate a fee-in-lieu of property tax agreement with eligible companies that meet certain investment criteria. Eligibility requirements apply.
30-Year Super Fee-in-Lieu of Property Taxes
A South Carolina local incentive allowing the county to negotiate a fee-in-lieu of property tax agreement with eligible companies for up to 30 years with an assessment ratio as low as 4%. Eligibility requirements apply.