Five-Year Property Tax Abatement
Manufacturers, distributors, and certain other kinds of business are exempt from the County Ordinary and County Operating Taxes for the first five years of operations. This results in an average 30-35% reduction in both real and personal property taxes for the first five years.
Fee In Lieu of Property Tax (FILOT)
The
MBREDC has the authority to offer a FILOT to companies that meet the criteria. Any FILOT will be applied to new investments or expanding real and personal property, and will not include existing property currently on the Horry County tax digest.
Super and Enhanced Investment Fees
The minimum requirement for this incentive is a $140 million investment and 125 new jobs. This incentive reduces the company’s property tax assessment to 4% for up to 40 years.
Special Source Revenue Bond (SSRB)
The minimum requirement for this incentive is $20 Million capital investment, 100 jobs and the county average wage rate. A SSRB effectively bonds the revenue stream associated with a SSRC and provides companies with upfront cash. Essentially, a SSRB is a front-end reimbursement of a percentage of the company’s property taxes over time.
Industrial Revenue Bonds
For qualifying projects and companies that obtain external letters of credit for collateral, Horry County agrees to assist by serving as a conduit for low-interest Industrial Revenue Bonds (IRBs).
Horry County Closing Fund (HCCF)
Funds for the HCCF will be used to reimburse companies for eligible expenditures including, but not limited to: training, site work, relocation assistance, real property improvements, rent abatement, business license fees and other eligible fees allowed under South Carolina law. These funds are in addition to the state grant. Only companies that invest a minimum of $2.5 million in Horry County, create a minimum of 25 new jobs, and offer healthcare benefits to their employees in Horry County will qualify for this incentive.
Expedited Permitting
Certain projects require commitment from the local leadership to expedite permitting and plan review. To the extent allowed by local and state law, Horry County will commit to assist with expedited permitting as needed.
