INCENTIVE DESCRIPTION

State: SC
Incentive Type: Property Tax Incentives
Incentive Title: Property Tax Abatements
Description: In general South Carolina offers various discretionary property tax abatements depending upon the amount of investment and job creation. The most common abatements are classified as the "Big, Little and Simplified Fee and normal fee". A super enhanced investment fee is also available. The differences between the various abatements are primarily the requirement of an inducement agreement. 1) NORMAL FEE - 5 year county property tax exemption for qualified industries (not including school taxes) for all new manufacturing establishments investing $50,000 or more. 2) LITTLE FEE - An abatement for qualified industries that invest at least $5 million. Abatement can include lower assessment ratio and millage rate. 3) BIG FEE - An abatement for qualified industries that invest at least $45 million. Abatement can include lower assessment ratio and millage rate. 4) SIMPLIED FEE - An abatement for qualified industries that invest at least $5 million. Abatement can include lower assessment ratio and millage rate. 5) ENHANCED SUPER FEE - An abatement for qualified industries that invest at least $400 million and create at least 200 jobs. Abatement can include a reduction up to 4% of the assessment ratio and millage rate.
Eligibility Requirements: In general, under the property tax abatements there are defined timeframes in which to complete the project, defined terms for the length of the agreement. 1) Must be a manufacturer meeting the minimumal investment requirements. There are no job requirements and the length and amount is at the discretion of the local county. (2) Must be a qualifying industry, must make investment of at least $5 million, must execute inducement agreement, and title must be held by the county. (3) Must be a qualifying industry, must make investment of at least $45 million, must execute inducement agreement, and title must be held by the county. (4) Must be a qualifying industry, must make investment of at least $5 million, must execute inducement agreement, and title must be held by the county. (5) Must be a qualifying industry, must make investment of at least $400 million and may require the title be held by the county and an inducement agreement be executed.
Geographic Restrictions: Statewide
Granting Authority: State of South Carolina
12-37-220(A)(7); 12-37-220(B)(34)


The information which you have reviewed is a summary of the benefits and savings which may be available for your company. To receive a more detailed analysis of valuable opportunities for your company, please forward your contact information to Larry Kramer at lkramer@incentisgroup.com

Impotant Legal Information
Information is provided in summary form and should not be considered legal, investing, or other business advice. Its receipt does not create a relationship between Incentis Group and recipient. All information is believed to be accurate at the time of printing but should not be relied upon, and no decisions should be made, without consulting the full text of the applicable statutes and seeking independent counsel. Incentis Group and FastFacility make no representation as to the eligibility of a company or person to receive any incentives.