POPULATION: 4,561,242 (2009)
LABOR FORCE: 2,176,107 (July 2010)
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,
distribution/logistics, healthcare
products, renewable energy
industries, tourism
COLLEGE GRADUATES: (Age 25 and over) 23.7%
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 to be fully implemented
in 2011
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 is being phased in
and will be fully implemented July
1, 2011
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
• Economic Impact Zone
Investment Credit (available
statewide Jan. 1, 2011)
• Corporate Headquarters Credit
• Research and Development
Credit
• Biomass Resources Credit
• Ethanol or Biodiesel Credit
Negotiated fee in lieu of property
tax
Discretionary income, license, or
withholding tax incentives:
• Job Development Credit
• Job Retraining Credit
• Corporate income tax moratorium
• 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
