South Carolina Investment incentives
South Carolina offers a range of incentives designed to support capital investment, advanced manufacturing, research and development, energy innovation, agriculture and large-scale business growth. From sales and use tax exemptions to investment and income tax credits, these programs help companies reduce costs and support long-term investment
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Job development credit
This credit is designed to offset the cost of locating or expanding a business facility in SC. It provides funds that represent actual cash contributions to an approved project.
Jobs tax credit
The tax credit supports new and expanding companies for creating jobs in SC. To qualify, companies must create and maintain a certain number of net new jobs in a taxable year.
Large project sales tax exemptions
Enhanced sales and use tax exemptions may be available for large-scale projects involving significant capital investment and job creation.
Manufacturing machinery & equipment sales tax exemptions
State and local sales and use tax exemptions are available for companies that purchase machinery, equipment or parts used to produce tangible goods.
Port volume increase tax credit
This credit against income taxes or withholding taxes is for entities that use state port facilities and increase base port cargo volume by 5% over base-year totals.
Research & development equipment sales tax exemption
To support innovation in SC, machinery and equipment purchased for R&D may be eligible for a state and local sales tax exemption.
Small business jobs tax credit
This credit provides smaller companies that are creating jobs in SC access to job creation incentives as they continue to grow their workforce.
Solar energy credit
Companies that purchase and install a solar energy system may be eligible for a tax credit equal to 25% of qualifying system costs, subject to certain limitations.
“One of the advantages of being in SC is working and growing with the local supply base. These suppliers are making investments, they are adding new technologies, they are bringing in continuous improvements in terms of resources allowing us all to grow together.”
Kyle Hamm SVP Power Systems Supply Chain for North America | Schneider Electric