Greenville Area Development Corporation (GADC) was created by
Greenville County to act as the County’s agent for economic development and has the sole ability to negotiate property
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)
Estimated taxes after the abatement in Year 1 would be $244,755.
Greenville County also has the option to extend this 5-year property tax abatement to an unrelated purchaser of real property that has formerly received the benefit of the abatement. Certain conditions for new employment and investment may apply.
Fee-in-Lieu of Property Tax - Negotiated
A company may also negotiate with the Greenville Area Development Corporation for a Fee-in-Lieu of Property Taxes (FILOT) agreement with final review and consent determined by the 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
Income tax credits to partially reimburse for real and personal property expenditures associated with new corporate headquarters related jobs.
Job Development Credit - Negotiated
The Job Development Credit (JDC) is a discretionary, performance-based incentive that rebates a portion of new employees' withholding taxes that can be used to address the specific needs of individual companies. JDCs are approved on a case-by-case basis by the S.C. Coordinating Council for Economic Development. To qualify, a company must meet certain business requirements and the amount a company receives depends on the company's pay structure and location. Qualified companies will receive a percentage of each eligible individual employee's personal income tax returned to them as a cash rebate in either quarterly or annual payments. Depending on salalry values, this could be as much as 5% of annual payroll.