With one of the lowest corporate tax rates in the nation, highly competitive wages for workers and low unionization, it’s no wonder South Carolina is consistently ranked among the most business-friendly states in the U.S.
In addition, South Carolina offers a wealth of opportunities so that businesses can maintain low operating costs, including:
- A 5% corporate income tax rate
- No state property tax
- No local income tax
- No inventory tax
- No sales tax on manufacturing equipment, industrial power or materials for finished products
- No wholesale tax
- No unitary tax on worldwide profits
South Carolina also provides a variety of customized incentive programs to meet the needs of any company, including:
Corporate income tax credits – Job Tax, Corporate Headquarters, Research and Development, Investment, Biomass Resources and Ethanol or Biodiesel.
Discretionary income, license or withholding tax incentives – Job Development, Job Retraining, Corporate Income Tax Moratorium International Trade Incentive and Port Volume Increase.
Discretionary property tax incentives – Negotiated fee in lieu of property tax.
Other discretionary incentives – readySC™, Apprenticeship Carolina™ and Foreign Trade Zones.
South Carolina also keeps companies connected to each other through BuySC, a material and service locator program for South Carolina vendors and buyers.
The result: Controlled costs, a competitive environment and successful organizations.