| State: |
SC |
| Incentive Type: |
Income/Franchise Tax Incentives and Credits |
| Incentive Title: |
Jobs Credits |
| Description: |
1) JOBS TAX CREDIT- This credit can be used to offset up to 50% of state income tax liabililty or insurance premium tax. The amount of the credit is based upon the county's tier designation. The range of the tax credits is between $1,500 and $8,000 per net new job for five years. If in an designated multi-county industrial park, an additional credit of up to $1000 may be added.
2) SMALL BUSINESS JOBS TAX CREDIT- A jobs tax credit of up to 20% of the real and personal property costs are available to small businesses of 99 employees or less. The actual amount of the credit is determined by the gross wages compared to a minimum of 120% of the state or county average wage. A minimum of 2 or more full-time jobs must be created.
3) JOB DEVELOPMENT CREDIT- This discretionary incentive is available to new or expanding businesses making a qualifying investment and is a refund of employee withholding. The business must create a minimum of 10 new, full-time jobs and meet minimum wage requirements. The percentage of the credit that may be claimed is based on the tier ranking of the county. This credit is available for a 15 year period.
4) CORPORATE HEADQUARTERS CREDIT- A credit (against corporate income tax or corporate license fees)of 20% of the qualifying costs of establishing or expanding a corporate headquarters. The credit is based upon real and personal property investment costs and new job creation. Each qualifying component eligible for this credit must meet the requirements established for the individual component. Any unused credit may be carried forward for 15 years.
|
| Eligibility Requirements: |
1) Must be a qualifying industry creating and maintaining the required minimum number of fulltime jobs.
2) Must meet 120% of the state or county average wage and create 2 or more full-time jobs.
3) Must be a qualifying industry creating a minimum of 10 jobs and meet wage requirements. Must file appropriate applications and be approved by the coordinating council.
4) Must be a regional corporate or national corporate headquarters meeting specific minimum investment and job creation requirements. The real estate component must have $50,000 of new investment and create 40 new jobs that are related to functions and services of the headquarters. The personal property component must meet the requirements of the real estate component and in addition must create 75 new headquarter-related jobs and meet 150% of the state or county per capita income. |
| Geographic Restrictions: |
Statewide |
| Granting Authority: |
State of South Carolina |
|
12-6-3360; 12-10-80; 12-10-95; 12-6-3410 |
