Posts tagged economic development.

South Carolina has some of the highest business property taxes in the Southeast. The state generally taxes land, buildings, machinery and equipment, and furniture and fixtures, but does not tax inventory, pollution control equipment, intellectual property, and other assets.

To reduce the effect of its high business property tax rates, and to make the state a more competitive environment for business, South Carolina offers a property tax incentive and tax savings for those businesses investing at least $2.5 million over a five year period in the state. This incentive is known as the ...

South Carolina offers a statutory incentive to new and expanding businesses that create jobs in our state. The Job Tax Credit ("JTC"), codified in S.C. Code Ann. § 12-6-3360, permits certain businesses to reduce their corporate income tax liability annually by a maximum of 50%. Any unused credit may be carried forward for up to 15 years. There are three types of JTCs: (1) the "traditional" annual job tax credit, (2) the "annual" small business job tax credit, and (3) the "accelerated" small business job tax credit. This blog will address the "traditional" JTC only.

To qualify for JTC, a ...

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