Economic Incentives & Tax Credits
High impact incentives for small businesses in South Carolina
South Carolina is home to some of the most successful and innovative companies in the aerospace, agribusiness, automotive, manufacturing and technology industries. At 5%, South Carolina’s Corporate Income Tax Rate is among the lowest in the Southeast. Many companies qualify for a Job Tax Credit, which eliminates up to 50% of a company's corporate income tax liability for a specified number of years. South Carolina also has three discretionary grant funds available to businesses that can demonstrate additional funding is needed to close a competitive cost gap relative to other states in contention for a project that involves new job creation and capital investment. The grant funds are administered by the South Carolina Coordinating Council for Economic Development and projects are evaluated on a case-by-case basis.
Top tax incentive programs for small and medium-sized businesses in South Carolina
South Carolina Small Business Jobs Tax Credit
The Small Business Jobs Tax Credit in South Carolina is designed to benefit new and expanding businesses in the state. To qualify, companies must create and maintain a certain number of net new jobs in a taxable year.
South Carolina Jobs Tax Credit
The SC Jobs Tax Credit is a valuable financial incentive that rewards new and expanding companies for creating jobs in South Carolina.
Child Care Program Credit
Taxpayers who employ South Carolina residents and establish a child care program for their employees can claim a tax credit.
Accelerated Small Business Job Tax Credit
A job tax credit against South Carolina income tax, bank tax, or insurance premium tax for most types of small businesses creating and maintaining new jobs in South Carolina.
South Carolina Capital Investment Tax Credit
The credit is designed to encourage capital investment in the state through the formation of new businesses and the retention and expansion of existing businesses.
Apprenticeship Carolina Program
Companies with registered programs earn a $1,000 South Carolina state tax credit for each registered apprentice employee who works at least seven months during each year.
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Subcity empowers small businesses, CPAs, and finance professionals to identify and apply for economic incentives and tax credits. Each year, over $100 billion is allocated for incentives across local, state, and federal programs in the U.S. Unfortunately, a significant portion of this money goes unclaimed or to large corporations with teams of tax attorneys and legal experts.
Subcity utilizes a comprehensive database of incentives to connect small businesses with the programs that were designed to help them create jobs, invest in their communities, and grow their business. Subcity charges a 10-20% fee for the programs they successfully secure, ensuring zero risk for clients as payment is contingent on results. Subcity is on a mission to democratize access to capital for America’s small businesses and has already delivered tens of millions of dollars in tax incentives for clients across the country.