South Carolina Tax Credits & Incentives
Businesses benefit by creating jobs, expanding operations, and investing in South Carolina because of the state’s array of tax incentives. South Carolina tax credits and incentives can be used to offset income tax or premiums tax, up to 50% of liability. Companies who increase shipping through South Carolina ports can utilize their credit against withholding tax payments.
New Jobs Tax Credit
$1,500 – $8,000 per new job based on the county tier of the new facility. Tiers 1,2&3 are limited by industry. Special rules apply if a business adds 25-175 new jobs that pay above a minimum job wage.
Investing in Property Tax Credit
South Carolina Code §12-14-60 allows a taxpayer a credit against income taxes for qualified manufacturing and productive equipment properties placed in service during the taxable year in South Carolina.
Port Volume Increase Tax Credit
South Carolina provides an income tax credit or withholding tax credit to eligible businesses who have 75 or more net tons of non-containerized cargo, 385 cubic meters, or 10 loaded TEUs transported through a South Carolina port facility for their base year, and then must increase their port cargo volume by 50% over the base-year totals.
Industries benefiting from South Carolina Tax Credits
- Manufacturing
- Processing
- Agricultural Packaging
- Warehousing and Distribution
- Research and Development
- Agribusiness operations
- Qualifying Technology Intensive Facilities
- Headquarters Facility
- Qualified Service-related Facilities
Businesses
Verity works with companies of all sizes and industries to claim the credits and incentives that they have been missing
CPA Firms
Whether working directly with your clients, or white-labeling, Verity has a solution to fit your needs
Payroll Companies
Offer tax credit compliance services to your product offering as a value-add to your clients
Schedule a 20 minute call to discuss your tax credit situation
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