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 ...
South Carolina offers a broad range of tax and financial incentives to encourage new and existing businesses to open or expand operations in the state. This is the first in a series of blogs which will review these lucrative incentives and how they function. This blog address the players in economic development in South Carolina, from the Department of Commerce to the county economic development alliances.
- Department of Commerce
The South Carolina Department of Commerce ("DOC") is overseen by Secretary of Commerce Bobby Hitt, who was appointed by Governor Nikki Haley. DOC is the ...