Much of South Carolina's success in attracting capital investment is due to its conservative policies in fiscal management, enabling the state to enjoy economic growth while maintaining low and stable tax rates.

This, combined with a growth strategy aimed at rewarding profitability and encouraging investment and employment, makes Central South Carolina an ideal location for companies interested in keeping business costs down.

Corporate Income Tax Facts

• Corporate income tax rate is 5 percent
• No unitary tax on worldwide profits
• Companies pay income tax based on SC income
• No local income tax (only the state has the authority to tax income)
• Net operating losses allowed to be carried forward for a 15-year period
• Corporate headquarters credit
• Job creation tax credit ranging from $1,500 to $8,000 per job created (minimum requirements to qualify)
  • effective for a five-year period
  • unused credits may be carried forward for 10 years

Property Tax Facts

• No state, real or personal property tax
• Property taxes are levied by local government only
• No tax on intangibles, inventories or pollution-control equipment
• Five year property tax abatement available for qualifying establishments on the county portion of the tax (exemption does not apply to school, municipal or special purpose district taxes)
• Companies can negotiate a fee-in-lieu of property taxes agreement with a county if certain investment criteria are met. This allows for the assessment ratio to be lowered from 10.5% to a base of 6%.