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| Business Advantages: Incentives |
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York County and the State of South Carolina offer several
incentive programs for both new and existing companies. Tax incentive legislation
and policies are designed to benefit a broad range of business investment and job
creation. Major incentive programs include:
Jobs Tax Credit - South Carolina offers a tax
credit against corporate income taxes for the creation of jobs
in manufacturing, processing, tourism, warehousing, distribution,
research and development, and corporate office facilities. A minimum
of ten (10) full-time jobs must be created to qualify for the
base credit of $1,500 per job for qualifying companies.
Job Development Credit - This South Carolina program enables companies to
retain a portion of state personal income tax withholding paid per employee to
be used for fixed capital investment. Ranging from between 2-5% of salaries, the
credit is provided to qualifying business with retention rates differing by County
category.
Fee-in-Lieu of Taxes - York County has the ability to negotiate with qualified
companies to pay a fee-in-lieu of its property taxes which can result in
significant savings of up to 43% for a 20-year period. It is York County's
discretion to authorize agreements based on strict cost/benefit analysis measures
as defined the county.
Sales Tax Abatements - South Carolina offers manufacturing industries a sales
tax exemption on purchase of machinery, raw materials, electricity and other
aspects of operations that are an integral part of the manufacturing process.
In support of business, South Carolina exempts three classes of property from local property taxation:
All inventories
All intangible property
All pollution control equipment
For additional information on these and other programs contact the York County
Economic Development Board at 803-802-4300. For more information on state incentive programs, you may also visit the
South Carolina Department Commerce web site.
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Aggressive Incentives Reward Industries for Growth
South Carolina has a reputation as a superior business location, largely due to an exceptional economic climate that helps companies hold down operating costs and increase their return on investment. In addition, South Carolina’s performance-based tax incentives reward companies for job creation and investment. The state’s probusiness policies are demonstrated by the following:
- Numerous ways to potentially eliminate your entire corporate income taxes;
- A wide range of sales tax exemptions that will reduce start-up costs as well as annual operating costs;
- Property tax incentives that can be tailored to meet your company’s needs; and,
- Special discretionary incentives at the local and state level, used to meet specific needs of individual companies on a case-by-case basis.
Click here for more information on South Carolina Tax Incentives
A Customized Worker Training Program
The Center for Accelerated Technology Training (CATT) program is South Carolina's unique and outstanding employment training resource for companies locating or expanding in the state. The State Board for Technical and Comprehensive Education (TECH) operates the program and oversees the statewide Technical Education College System. CATT recruits, screens, and trains individuals for specific assignments with new businesses and industries as well as expanding businesses. With the exception of very specialized areas, the training is provided at no cost to the company. The program is funded entirely with state money and imposes no target populations.
Click here for more information on South Carolina's Center for Accelerated Technology Training
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