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.
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.
- 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.
- 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
- “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 $31.48 per hour (120% of the state’s per capita of $2623/hr); $2500 when located in a Multi-County Business Park or $750 annually for 5 years for each new job that pays less than $31.48; $1750 when located in a Multi-County Business Park
- 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 ($78,701); or Create 50 jobs, with an average salary 2 times the State of South Carolina’s per capita income ($104,934); or Create 25 jobs, with an average salary 2.5 times the State of South Carolina’s per capita income ($131,168). 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.
- 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
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.