Greenville Area Development Corporation (GADC) was created by
Greenville County to act as the County’s agent for economic development.
As its agent, the GADC has the sole ability to negotiate property
tax-based incentives; however, final approval rests with Greenville
Property Tax Abatement - Statutory
South Carolina provides a property tax abatement to new or existing companies making new capital investments in the state.
(See SC Department of Revenue website for more information: www.sctax.org)
Property Tax: Value x Assessment Ratio x Millage
Tax Example: (assumes manufacturer & non-depreciable asset)
So, taxes after the abatement in Year 1 would be $230,055.
Fee-in-Lieu of Property Tax - Negotiated
A company may negotiate with the Greenville Area Development Corporation a Fee-in-Lieu of Property Taxes (FILOT) agreement. FILOT agreements are subject to final approval by Greenville County Council.
Industrial Revenue Bond – Negotiated
For small manufacturers, the IRB is the lowest cost means to finance a new operation or an expansion due to tax-exempt status of the bond (loan). It can be used for the acquisition of land, the construction of buildings, improvements to real property and the acquisition of new machinery. The maximum bond issuance is $10 million; Investment cannot exceed $20 million in expenditures 3+/- years.
Jobs Tax Credit - Statutory
Jobs Tax Credit is a valuable financial incentive that rewards new and
expanding companies for creating jobs in South Carolina. In order to
qualify, companies must create and maintain a certain number of net new
jobs in a taxable year. The number of new jobs is calculated as the
increase in the average monthly employment from one year to the next.
Requirements and Corresponding Values:
meeting one of the above requirements, service-related companies are
also eligible for a credit of $1500 annually for 5 years for each new
job or $2500 per job when located in a Multi-County Business Park.
Corporate Headquarters Credits - Statutory
tax credits to partially reimburse for real and personal property
expenditures associated with new Headquarters related jobs.