POPULATION: 4,479,800 (2008)
LABOR FORCE: 2,185,575 (July 2009)
RIGHT TO WORK: Yes
TRADITIONAL INDUSTRIES: Automotive-related industries, forestry and wood products,
plastics, textiles, agriculture, tourism
EXPANDING INDUSTRIES: Advanced materials, aviation
and aerospace, automotive, distribution/logistics, life sciences, renewable energy industries, tourism
COLLEGE GRADUATES: (Age 25 and over) 22.8%
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; 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 over five years; packaging materials; long-distance telecommunications services, including 800 services; parts and supplies used to repair or condition aircraft owned or leased by the federal government or commercial carriers; an exemption for construction materials used in manufacturing or distribution facilities investing at least $100 million over 18 months is being phased in and will be fully implemented July 1, 2011
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 and expanding manufacturing, distribution, and R&D facilities investing at least $50,000 and corporate headquarters and distribution facilities investing at least $50,000 and creating 75 new full-time jobs; all inventories, intangible property, and pollution-control equipment exempt; fee in lieu of tax available that can reduce property tax between 43–62 percent
BUSINESS INCENTIVES:
Corporate income tax credits:
- • Job Tax Credit
- • Economic Impact Zone Investment Credit
- • Corporate Headquarters Credit
- • Research and Development Credit
- • Ethanol or Biodiesel Credit
Negotiated fee in lieu of property tax
Discretionary income, license, or withholding tax incentives:
- • Job Development Credit
- • Port Volume Increase Credit
Textile Facility Revitalization Credit
ReadySC™ (customized work force training program)
Apprenticeship Carolina
WorkKeys™ (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
