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South Carolina Resources Page
Inward Investment Guides

Taking a Product from Prototype to Production

Olivier Brauen, Vice President, Michelin Tweel Technologies (Q2 2016)
In order to understand a manufacturer’s process of developing innovative products and bringing them to market, ?Area Development’s editor recently spoke with Olivier Brauen, head of Michelin Tweel Technologies, and Jack Olney, the director of sales. More

Global Companies Partnering with U.S. Universities

Dave Claborn , Director of Development and Community Relations, Ohio State University, Marion (Location USA 2016)
Hundreds of U.S. universities are collaborating with global companies to help them bring innovative ideas to the American marketplace. More

Public Power Communities: Technology for Business Success

Steve Stackhouse-Kaelble (Q1 2016)
From powering up huge data centers to providing telecom and water services, and helping customers become energy-efficient through the latest technologies, public power companies re-invest in the communities they serve. More

U.S. Legislative, Incentives, & Economic Development Policies Update

Jason Hickey, President, Hickey & Associates, LLC (Q1 2016)
Growing companies need to be aware of the many changes states are making to their incentives policies. More

Regional Report: Diverse Industries Reflect Economic Gains in the South-Atlantic

Mark Crawford (Directory 2016)
A region that gets its pro-business message across, the South Atlantic’s growth in manufacturing, Information technology, and life sciences has moved beyond big cities to its smaller metro areas as well. More

Investing in Workforce Benefits Employers and Their Communities

Minah Hall, Managing Director, True Partners Consulting LLC (Workforce Q4 2015)
Training provided by a state or community is valuable in bringing a workforce up to speed, but so is the creation of a “culture of learning” in an individual company. More

Georgia Once Again Leads the 2015 Top States for Doing Business

Mark Crawford (Q3 2015)
An attractive business environment, quality labor pool, and well developed infrastructure are among the shared advantages of those states ranked by the location consultants as the top choices for business. More

North American Seaport Outlook: Potential Shift in Ports of Call

Area Development Research Desk (Q3 2015)
JLL’s research reveals that, although the ports of Long Beach and Los Angeles will remain the primary U.S. gateways, Gulf and Eastern Seaboard ports are anticipated to capture even more West Coast discretionary cargo when the new Panama Canal opens next year. More

SOUTH CAROLINA at a glance

POPULATION: 4,774,839 (July 2013)

LABOR FORCE: 2,035,751 (August 2014)

RIGHT TO WORK: Yes

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

EXPANDING INDUSTRIES: Advanced materials, agribusiness, aviation and aerospace, automotive, rubber, renewable energy industries

COLLEGE GRADUATES: (Age 25 and over) 24.6%

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; 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 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 meeting certain wage requirements over five years

Property Tax: No statewide tax on real or personal property; millage rates set locally; real property is appraised; 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 are exempt; fee-in-lieu of property taxes may be offered at the discretion of a county and can reduce property tax 43–62 percent t

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

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

Negotiated fee-in-Lieu of Property Taxes
Textile Facility, Retail Facility or Abandoned Building Revitalization Credit

ReadySC™ (customized workforce 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

  • Vehicles
    40%
  • Machinery
    21%
  • Rubber
    9.0%
  • Electrical Machinery
    7.0%
  • Plastics
    6.0%
  • Aircraft/Spacecraft
    5.0%
  • Paper/Paperboard
    4.0%
  • Organic Chemicals
    3.0%
  • Optical/Medical Instruments
    3.0%
  • Woodpulp, etc
    2.0%