Credits that can be used to significantly lower your businesses taxes
Jobs Tax Credit
South Carolina rewards qualifying businesses for creating new jobs. In Horry County, a Jobs Tax Credit of $2,500, per job for five years. Unused credits can be carried forward 15 years.
Multi-County Industrial Park
In South Carolina, a county may join with another county to form a “multi-county industrial park,” which raises the value of the Jobs Tax Credit by $1,000 per job.
Corporate Headquarters Credit
To offset the costs of relocating or expanding corporate headquarters, the state provides credit equal to 20% of the development, construction or direct lease costs during the first five years of operations.
Enhanced Corporate Headquarters Credit
An Enhanced Corporate Headquarters Credit equal to 20% of the personal property costs of establishing the headquarters is offered to eligible companies when employee compensations levels exceed 1.5 times the state per capita income average.
Research & Development Tax Credit
South Carolina offers a credit equal to 5% of the taxpayer’s qualified expenditures for research and development made in the state. The credit taken, in any one-tax year, may not exceed 50% of the company’s remaining tax liability after all other credits have been applied. Any unused portion of the credit can be carried forward for 10 years from the date of the qualified expenditure.
