One of the lowest corporate income tax rates in the Southeast U.S.
Businesses locating in South Carolina will benefit from
A business-friendly method to determine income subject to the state’s corporate income tax rate
Numerous credits and methods to reduce and eliminate corporate income tax liability
Corporate Income Tax Incentives
South Carolina provides a myriad of credits that can completely eliminate a company’s corporate income tax liability for up to 10, or in some cases, 15 years.
Sales & Use Tax & Incentives
South Carolina supports new and expanding industry with a wide range of valuable exemptions to the state and local sales tax, including machinery and equipment, as well as applicable repair parts, used in the production of tangible goods.
Local Property Tax Exemptions & Incentives
In South Carolina, there is no state tax on real or personal property, plus, there is no tax, state or local, on inventories or intangibles.
Discretionary Incentives
If a company’s total capital investment is $2.5 million+, a county can negotiate a FILOT agreement, resulting in substantial cost savings for a company coming to South Carolina.
This information is provided to illustrate South Carolina’s probusiness environment and to assist a company in their evaluation of South Carolina taxes and incentives.
Please note that state incentives are contingent upon submission of all required documentation, staff review, fulfillment of eligibility requirements, and the conditions of each program. Only the South Carolina Department of Revenue (Department of Revenue), local city and county councils, and the South Carolina Coordinating Council for Economic Development (Coordinating Council) have the authority to offer definitive tax commitments under South Carolina law.
