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
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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
