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Incentives available to South Carolina businesses

As a business owner, you know how important and beneficial it is to get a financial boost from time to time. In order to support local businesses and attract new businesses to the area, some parts of South Carolina offer various types of financial incentives.

You could have a rightful claim to some type of incentive or government program, but it can be difficult to figure out what is available and how to go about claiming it. You may find it beneficial to reach out for help regarding the requirements, applications and eligibility for certain programs. You would be wise not to leave money on the table that could help your business.

What benefits are available to your business?

No matter what type of business you own or the type of company you plan to launch in the state, you will enjoy the following benefits:

  • No local income tax
  • No state property tax
  • Favorable corporate income tax structure
  • No wholesale tax
  • No tax on inventory
  • No sales tax on manufacturing machinery

These tax breaks are just some of the reasons that many businesses choose to operate in this particular state. In addition to these, there are other tax credits and incentives that may be available for your business. Some of the corporate income tax incentives available in South Carolina include:

  • The Job Tax Credit
  • Economic Impact Zone Investment Credit
  • Research and Development Tax Credit
  • Corporate Headquarters Credit

In addition to the corporate income tax credits that may be available, you may be eligible for the following discretionary incentives:

  • Job Development Credit
  • Tourism Infrastructure Development Grants
  • Economic Development Set-Aside Program
  • Port Volume Increase Credit
  • Enterprise Zone Retraining Credit Program
  • Rural Infrastructure Fund

The state offers these incentives and tax credits to persuade businesses to move, start or expand in South Carolina. It may be prudent to work with a professional who can help you know what you can get and alert you to new opportunities that may be available to your business.

Getting the help your business needs

Financial help, tax breaks and other government incentives can boost the financial well-being of your company or small business. Every bit of help that you can get counts, but you do not have to seek and secure these benefits on your own.

From financial benefits for using renewable energy to incentives for creating new jobs for local residents, there are many reasons why businesses choose to operate in the state of South Carolina.

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