POPULATION: 4,321,249 (2006)

LABOR FORCE: 2,148,800 (July 2006)

RIGHT TO WORK: Yes

TRADITIONAL INDUSTRIES: Automotive-related industries, textile manufacturing, agriculture, tourism, plastics

EXPANDING INDUSTRIES: Aerospace, automotive, distribution, biotechnology, building products, services, tourism

COLLEGE GRADUATES: (Age 25 and over) 23.0%

BASIC BUSINESS TAXES:
Corporate Income Tax: 5 percent of taxable income derived from South Carolina operations; phasing in a single-factor sales formula for apportionment

Sales and Use Tax: 6 percent on gross receipts from retail sales or leases of tangible personal property; construction materials used for manufacturing or distribution facility exempt if $100 million invested over 18-month period; manufacturing production machinery, manufacturing materials, and industrial electricity and other fuels used in manufacturing are all exempt.

Property Tax: No state tax on real or personal property; assessed value and millage rates set locally; five-year county property tax abatement for new manufacturing, distribution, and corporate headquarters; all inventories, intangible property, and pollution-control equipment is exempt; fee in lieu of tax available that can reduce property tax between 43–62 percent
BUSINESS INCENTIVES:
 Job Development Credits
Fee in Lieu of Property Tax
Corporate Income Tax Credits
readySC (customized work force training program)
Foreign-Trade Zones