Why did Boeing and MAny Other World-Class Companies Choose South Carolina? Our Advantages / Incentives!
South Carolina is ranked as one of the nation's most pro-business states by Forbes. South Carolina’s tax climate rewards investment and new employment. The lowest corporate income tax in the Southeast and no inventory tax head a long list of tax incentives that includes tax exemptions, abatements, moratoriums, credits and reductions for new and expanding companies.
Property Tax Reductions
There is no state property tax. Only local governments levy property taxes in South Carolina. They offer a five-year abatement of the county’s operating millage for new industrial investment. But the most valuable property tax incentive is a local government’s ability to structure a negotiated fee in lieu of property taxes instead of abatement. Offered at the discretion of local governments, substantial tax reductions are possible under this “fee-in-lieu” program.
Corporate Income Tax Credits
South Carolina taxes corporate income at a 5% flat rate, one of the lowest in the Southeast. There is no local income tax. A variety of business types that create at least 10 new jobs in a year may qualify for a Jobs Tax Credit. This credit against an employer’s income tax liability varies from $1,500 to $8,000 per job created (depending on a number of variables) and can eliminate up to 50% of the employer’s income tax liability.
Job Development Credit
While the above reduces tax liabilities, South Carolina’s Job Development Credit actually provides companies with funds – for up to 10 years – to offset the cost of locating or expanding a facility. This credit provides reimbursement of eligible expenses related to real estate acquisition or improvement; infrastructure; pollution control equipment and the training/retraining of employees. The Job Development Credit requires (1) an application, (2) an application fee and (3) discretionary approval by the S. C. Coordinating Council for Economic Development.
Click here for detailed information on the above and other incentives (200+ page pdf)
South Carolina’s central location on the east coast, mid-way between Miami and New York City, provides easy access to materials and markets – the state is within 1 day’s drive of many of the nation’s fastest growing markets. The Port of Charleston was the fastest-growing top 10 U.S. container port for the first six months of 2012. Five interstate highways, nine commercial airports and two national rail carriers complete a superior intermodal transportation network.
Competitive wages, low cost/reliable electricity and pro-business policies of state and local governments, when coupled with low construction and land costs, result in low production costs for industry. South Carolina’s industrial electric power costs 15% less than the national average and, for some industrial loads, this cost can be further reduced. Click here for more details.
Right To Work State With Productive Workforce
South Carolina is a Right to Work state. With a strong work ethic and the nation’s 2nd lowest unionization rate, our workforce is one of the most productive in the nation. Nearly 16% of the non-governmental workforce is in manufacturing – higher than the national average. For example, the BMW facility in the northwestern part of the state has the largest work force of any US auto assembly plant.
Customized Worker Training
More than 40 years ago, South Carolina created the world’s role model for customized worker training for new and expanding companies. The state’s technical college system’s Center for Accelerated Technology Training - called “readySC™” – can recruit, screen, test and train prospective employees, ready to work on the first day of a company’s new operations – usually at no cost to the company. Click here for more information.
More than 60 post secondary schools offer the kind of support that business needs.
The state’s 16 technical colleges offer training and retraining opportunities as well as their many diploma, degree and certificate programs.
One of the country’s most selective public universities, Clemson University is best known for its programs in business and engineering. Clemson is developing world-class graduate education and research programs in automotive research, advanced materials, molecular genetics, biochemistry and bioengineering. The new Clemson University International Center for Automotive Research, CU-ICAR, promises to make South Carolina a hub of the nation’s automotive and motor sports industry. With a $10 million grant from BMW and partners such as Michelin and IBM, CU-ICAR is open and enrolling students.
The University of South Carolina undergraduate international business program is ranked #1 in the United States. The International MBA program, with a unique combination of language training and a half year long international business experience, is acclaimed worldwide as tops in its field. Other research initiatives in nanotechnology, health sciences, Future Fuels™, the environment and information & knowledge technologies offer numerous opportunities for collaboration.
The Medical University of South Carolina, in historic Charleston, has a long track record of collaboration with the private sector with more than 150 funded investigators with strengths in cancer, cardiovascular development and disease, structural biology, neuroscience and inflammation.
Great Quality of Life
The home of the first golf course in the nation, South Carolina remains the golf capital of the country with more than 380 public courses. Attracting and retaining good employees is enhanced by a low cost of living and a wide array of affordable leisure and cultural activities. Ever popular Hilton Head and Kiawah Islands, Myrtle Beach and historic Charleston (named the No. 1 Tourist Destination in the world by the readers of Condé Nast Traveler magazine in 2012) head a long list of offerings that includes wild and scenic rivers, unparalleled fishing and hunting as well as festivals and performing arts centers. Nothing could be finer than to be in South Carolina! For statewide leisure information, click here.
A temperate climate and close proximity of ocean resorts and mountain retreats contribute to a great quality of life. But the ability to enjoy outdoor activities year-round doesn’t mean just golf in February or a stroll on the beach in October. With the sun shining nearly 250 days a year, it also means few weather related interruptions of business operations.
Professional Site Location Assistance
Time and again, new industries cite the knowledge, attitude and professionalism of South Carolina’s assistance team as a crucial factor in their decision to invest in the state.
The South Carolina Power Team – with economic development experience unmatched in the state – is an integral part of the network of economic development professionals that helps new facilities find a home and existing ones expand. The South Carolina Power Team offers professional, experienced, personalized site-location counseling, confidentially and cost-free.
Contact the South Carolina Power Team for an accurate assessment of how South Carolina can meet the needs of your company and become home for your next profitable business venture. Use the “Contact SC Power Team” page on this website or the information below:
South Carolina Power Team
1201 Main St., Suite 1710
Columbia, S. C. 29201
E-mail – mail@SCpowerteam.com
For more information about Why Companies Locate In South Carolina, click here.
For customized statistical reports on South Carolina, visit here.