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South Carolina Resources Page
Inward Investment Guides

Advanced Manufacturers Utilize Incentives to Improve Financial Performance

Gregory Burkart, Managing Director and Practice Leader, Site Selection & Business Incentive Advisory Services, Duff & Phelps, LLC (Advanced Industries 2014)
Incentives have moved from the fringes of a project to being a part of the competitiveness equation in bringing manufacturers back to the U.S. More

Communities Enable “Disruptive” Advantage for Advanced Manufacturers

Jeff Troan, Director, Lockheed Martin Corporate Treasury (Advanced Industries 2014)
To attract and retain core manufacturing businesses in the twenty-first century, communities will have to offer significant workforce development support, combined with a business climate package that makes their companies competitive with producers that enjoy lower labor costs and more favorable taxation throughout the rest of the world. More

European Automakers Look to North America

David Leverett, Consultant Partner, HMC Global (Advanced Industries 2014)
Direct investment in North America is allowing European automotive companies to distinguish themselves from their competitors. More

Top States for Doing Business 2014: Georgia Unseats Texas, Industrial Midwest Rises

Dale D. Buss, Staff Editor,  (Q3 2014)
The list continues to be dominated by states in the South and mid-South as states from the industrial Midwest scratch their way back into position as major players in U.S. economic-development. More

Electronics, Photonics, and Digital Media Sectors: Key to Future U.S. Competitiveness

Mark Crawford (Q3 2014)
These interconnected industries will be drivers in stimulating economic growth, creating jobs, and improving global competitiveness. Collaboration among private-sector companies, universities, and government on research and commercialization will be vital. More

First Person: A Tire Giant Helps Grow Small Business

John D. Tully, President & COO, Michelin Development Company (Q3 2014)
Forming positive relationships with the communities in which they are located is important for companies, large and small. These relationships foster further economic growth within the host communities. With that in mind, Area Development’s editor recently interviewed John Tully, the director of Michelin Development, formed specifically to offer support to new small and medium-size businesses. More

Closing the Gap Between Manufacturing Employers’ Needs and Workers’ Skills

Dave Claborn , Director of Development and Community Relations, Ohio State University, Marion (Workforce 2014)
A resurgent manufacturing sector, and shifting workplace technology, has government, business, and academic leaders combining to build a modernized system of work and learning capable of equipping the workforce for 21st century careers. More

2014 Gold Shovel Awards: Excellence in State Job Creation and Economic Development Efforts

Area Development Magazine Special Presentation (Q2 2014)
Area Development’s annual Gold and Silver Shovel Awards recognize individual states for their economic development prowess. We honor 20 states for their achievements in 2013 in garnering company investment and job creation. More

SOUTH CAROLINA at a glance

POPULATION: 4,679,230 (July 2011)

LABOR FORCE: 2,222,200 (August 2012)

RIGHT TO WORK: Yes

TRADITIONAL INDUSTRIES:Automotive-related industries, forestry and wood products, metalworking, plastics, textiles, agriculture, tourism

EXPANDING INDUSTRIES: Advanced materials, aviation and aerospace, automotive, rubber, healthcare products, renewable energy industries, tourism

COLLEGE GRADUATES: (Age 25 and over) 33.0%

BASIC BUSINESS TAXES:
Corporate Income Tax: 5 percent of taxable income derived from South Carolina operations; 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; local governments may also levy local sales and use taxes; exemptions include manufacturing production machinery and repair parts; manufacturing materials that become an integral part of the finished product; coal or other fuel for manufacturers, transportation companies, electric power companies, and processors; industrial electricity and other fuels used in manufacturing tangible personal property; R&D equipment; manufacturers' air, water, and noise pollution- control equipment; material- handling equipment in manufacturing and distribution facilities investing at least $35 million; packaging materials; longdistance telecommunications services, including 800 services; parts and supplies used to repair or condition aircraft owned or leased by the federal government or commercial air carriers; an exemption for construction materials used in manufacturing or distribution facilities investing at least $100 million over 18 months; an exemption for computer equipment and electricity of a data center investing at least $50 million and creating and maintaining at least 25 jobs over five years

Property Tax: No statewide tax on real or personal property; millage rates set locally; real property is appraised and manufacturing real property is assessed at 10.5 percent, and any other commercial real property is assessed at 6 percent of fair market value; personal property of a manufacturer or any other commercial personal property is assessed at 10.5 percent of fair market value; personal property is allowed to depreciate at a rate established by state law down to a residual level of 10 percent of the original property value; five-year property tax abatement from county operating taxes for new and expanding manufacturing and R&D facilities investing at least $50,000 and corporate headquarters, office, and distribution facilities investing at least $50,000 and creating at least 75 new full-time jobs; all inventories, intangible property, and pollution-control equipment exempt; fee-in-lieu of property taxes may be offered at the discretion of a county and can reduce property tax 43–62 percent

BUSINESS INCENTIVES:
Corporate income tax credits:
• Job Tax Credit

• Investment Credit

• Corporate Headquarters Credit

• Research and Development Credit

• Biomass Resources Credit

• Ethanol or Biodiesel Credit

• Solar Energy Credit

• Renewable Fuels Credit Negotiated fee in lieu of property tax

Discretionary income, license, or withholding tax incentives:
• Job Development Credit

• Job Retraining Credit

• Port Credit

Textile Facility Revitalization Credit

ReadySC™ (customized work force training program)

Apprenticeship Carolina

WorkReady SC™ (statewide, nationally affiliated Career Readiness Certificate Program)

Foreign trade zones

Jobs - Economic Development Authority:
• Taxable industrial development bonds

• Tax-exempt industrial development bonds InvestSC, Inc.

S.C. Capital Access Program

Principal Manufacturing industries

  • Transportation Equipment
    14.4%
  • Primary Metal & Fabricated Metal Products
    14.0%
  • Printing, Paper, Wood Products & Furniture
    11.9%
  • Machinery
    10.4%
  • Textiles & Apparel
    9.3%
  • Rubber & Plastics Products
    8.6%
  • Food
    8.5%
  • Chemicals
    8.2%
  • Computers & Electrical Products/Appliances
    7.8%
  • Other Manufacturing Industries
    6.9%