South Carolina Top Credits & Incentives

Incentives are available for companies expanding within the state or relocating to the state.  The amount and duration of the incentives depends on the type of company, number of jobs created and the amount of capital invested.  

Back to South Carolina Tax Credits

New Jobs Tax Credit

South Carolina provides a tax credit against South Carolina income tax, bank tax, or insurance premium tax for a qualifying business creating new jobs in this state. Corporations, sole proprietorships, partnerships, S corporations, and limited liability companies are eligible for the credit. To qualify for the job tax credit, a business must: (1) be a certain type of business, and (2) create and maintain a required minimum number of “new, full time jobs” at the time a new facility or expansion is initially staffed.

Program Overview


Credit Types

  • Income Tax

Credit Amount

  • Tier I – $1,500 per new job per year
  • Tier 2 – $2,750 per new job per year
  • Tier III – $4,250 per new job per year
  • Tier IV – $8,000 per new job per year

Minimums

  • 10 job increase 

Special Designations

  • Multi-county industrial park – additional 1,000 per new job
  • Nonresponsible party voluntary cleanup – additional 1,000 per new job

Requirements

  • Minimum increases range from 2-25 jobs based on tier/designation.
  • Full-time employees only (37.5 hours per week for 12 consecutive months)
  • Job cannot have existed in TN in the past 90 days
  • New jobs must account for any reduction in full-time job positions in Tennessee (statewide)
  • Minimum heathcare must be provided
  • Investments must be related to new jobs

Carryforward

  • Unused credit can be carried forward for 15 years

 

Eligible Industry

  • Manufacturing
  • Processing
  • Agricultural Packaging
  • Warehousing and Distribution
  • Research and Development
  • Agribusiness operations
  • Qualifying Technology Intensive Facilities
  • Headquarters Facility
  • Qualified Service-related Facilities

Service-related facilities

 

 

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