With regards to taxation in South Carolina, the State administers corporate income and sales and use taxes; the County levies property tax. Hence, each governmental authority’s means to reward growth are tied directly to their mode of taxation.
South Carolina incentive legislation provides the ability for both legislative bodies to incent both new and existing business and industry when new jobs are created and/or new investment occurs. In addition, the State of South Carolina strongly encourages rural development weighting its incentive programs accordingly.
Incentives from both levels of government take one of two forms. Either they are statutory, meaning if requirements are met, one would automatically qualify; or negotiated, meaning they are offered at the discretion of the appropriate governing body. In general, statutory incentives are fiscal, year-end oriented; negotiated incentives are often time-sensitive and in some cases have a set look-back period to capture eligible expenditures.
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