County IncentivesThe 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 tax-based incentives.
Manufacturing Property Tax Exemption/Assessment Ratio Reduction - StatutoryBeginning in 2018, a new manufacturing property tax exemption will be phased in equally over 6 years. It will reduce the 10.5% default assessment ratio to 9%, or a reduction of 0.25% each year until full exemption goes into effect in the 2023 property tax year. The exemption is a reduction in a manufacturer's property tax liability for all property (real and personal) that is not subject to a negotiated fee-in-lieu of tax (a FILOT). The manufacturer's filing of the PT-300A is the application for this exemption. Beyond this new program, a qualifying company may take advantage of one of two potential County incentive programs. Depending on total investment, a company may qualify for either a five-year statutory abatement of a portion of property tax or, by agreement with the County, a negotiated fee-in-lieu-of-tax (FILOT) arrangement. Other unique options can be considered as a method to further reduce liability and is dependent on new capital investment and new job creation. Property Tax Abatement - StatutorySouth Carolina provides a property tax abatement to new or existing companies making new capital investments in the state.
Value:
Requirements:
(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)
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 - NegotiatedA 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.
Value:
Requirements:
Mechanics:
Industrial Revenue Bond â NegotiatedFor 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. State IncentivesJobs Tax Credit - Statutory
The
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: - File form TC-4 or TC-4SB with corporate tax return to the SC Dept. of Revenue. See www.sctax.org for more information.
If
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.
Example: Corporate Headquarters Credits - StatutoryIncome tax credits to partially reimburse for real and personal property expenditures associated with new corporate headquarters related jobs. Job Development Credit - NegotiatedThe 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 salary values, this could be as much as 5% of annual payroll.
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