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
