Incentives – Greenville Area Development Corporation

Incentives

County Incentives

The 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.

To learn more about property tax and our related incentives, please download the GADC Incentive Summary.

State Incentives

Jobs 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.

Purpose: 

  • South Carolina rewards companies for job creation by reducing corporate income tax liability

Requirements and Corresponding Values:

– File form TC-4 (100 employees) or TC-4SB (99 or fewer employees) with corporate tax return to the SC Dept. of Revenue.  See www.sctax.orgfor more information.

  1. For companies involved in manufacturing, processing, warehousing, distribution, tourism, or considered a corporate office facility (HQs), bank or qualified technology intensive facility, increase annual average monthly employment by 10 or more new full-time jobs.Credit of $1500 annually for 5 years for each new job; $2500 when located in a Multi-County Business Park

   Note: Technology Intensive Facilities as defined by NAICS codes:

5114 – database and directory publishers

5112 – software publishers

54151 – computer systems design and related services

541511 – custom systems programming services

541512 – computer systems design services

541711 – research and development in biotechnology

541712 – research and development in physical, engineering and life sciences

518210 – data processing, hosting, and related services

9271 – space research and technology

51811- internet service providers with web search portals

  1. “Small Business” – For companies involved in manufacturing, processing, warehousing, distribution, tourism, or considered a corporate office facility (HQs), bank or qualified technology facility and employing corporation-wide 99 or less employees, create 10 net new jobs as noted III.a.1) above or increase annual average monthly employment by 2 or more new full-time jobs.Credit of $1500 annually for 5 years for each new job with gross wages that equal or exceed $31.24 per hour (120% of the state’s per capita of $26.04/hr); $2500 when located in a Multi-County Business Park or $750 annually for 5 years for each new job that pays less than $31.24; $1750 when located in a Multi-County Business Park
  2. Service-related facilities – must be either (a) operations defined by NAICS Manual Section 62, subsectors 621, 622, or 623 (healthcare); (b) operations defined by NAICS Sector 4881, subsector 488190 (air transportation); or (c) accomplish one of the following during a given year: Create 175 jobs at a single location; or Create 150 jobs at a single location comprised of a building or portion of a building  that has been vacant for at least 12 consecutive months prior to the taxpayer’s investment; or Create 100 jobs with an average salary 1.5 times the State of South Carolina’s per capita income ($78,111); or Create 50 jobs, with an average salary 2 times the State of South Carolina’s per capita income ($104,148); or Create 25 jobs, with an average salary 2.5 times the State of South Carolina’s per capita income ($130,185).  Note:  A qualified service-related facility may not be engaged in legal, accounting, banking, investment services or retail services.

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.

Mechanics:

  • Offsets corporate income tax liability up to 50% in a given year
  • Can carry forward unused credits for 15 years
  • Credits are given each year for five years beginning with years 2 through 6

Example: 
100 Employee Manufacturer to create 50 jobs
50 jobs x $1500 = $75,000 annual value
5 year value = $375,000

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 salary values, this could be as much as 5% of annual payroll.

Would you like more information about Greenville’s taxes and incentives?

Please contact GADC for more details, or learn more about the business climate in Greenville, SC.