{"id":782,"date":"2023-01-16T19:24:58","date_gmt":"2023-01-16T19:24:58","guid":{"rendered":"http:\/\/elephanteardesign.com\/cced\/?page_id=782"},"modified":"2023-02-03T14:41:12","modified_gmt":"2023-02-03T19:41:12","slug":"pro-business-incentives","status":"publish","type":"page","link":"https:\/\/elephanteardesign.com\/cced\/doing-business\/pro-business-incentives\/","title":{"rendered":"Pro-Business Incentives"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row equal_height=&#8221;yes&#8221; content_placement=&#8221;middle&#8221; css_animation=&#8221;bottom-to-top&#8221; el_class=&#8221;row-main row-offset row-right&#8221; el_id=&#8221;lede&#8221;][vc_column width=&#8221;1\/2&#8243; el_class=&#8221;page-lede&#8221;][vc_row_inner equal_height=&#8221;yes&#8221; content_placement=&#8221;middle&#8221;][vc_column_inner][vc_custom_heading text=&#8221;Incentives that Boost the Bottom Line&#8221; use_theme_fonts=&#8221;yes&#8221;][vc_column_text]By locating a business in Chester County, your company may be eligible for lucrative incentives to help develop your project and maximize profits for years to come.[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_row_inner equal_height=&#8221;yes&#8221; content_placement=&#8221;middle&#8221; el_class=&#8221;stats-row&#8221;][vc_column_inner][vc_column_text]From Fee-In-Lieu of Property Tax agreements that freeze property tax rates for up to 20 years to Job Development Credits which return a portion of employee payroll taxes to your company, we\u2019re committed to making your project successful.[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row equal_height=&#8221;yes&#8221; content_placement=&#8221;middle&#8221; css_animation=&#8221;left-to-right&#8221; el_class=&#8221;row-main row-offset row-left section-dark blue&#8221;][vc_column el_class=&#8221;sticky&#8221;][vc_custom_heading text=&#8221;Advantages of South Carolina\u2019s<br \/>\nPro-Business Policies&#8221; use_theme_fonts=&#8221;yes&#8221; el_class=&#8221;section-header&#8221;][vc_row_inner equal_height=&#8221;yes&#8221; content_placement=&#8221;top&#8221; el_class=&#8221;stats-row equalize&#8221;][vc_column_inner width=&#8221;1\/3&#8243;]<div class=\"stat-wrapper info-bottom\"><span class=\"figure\">6<\/span><span class=\"count x-large outline-num-v2\">0<\/span><span class=\"stat-pre-suf stat-hide\">%<\/span><span class=\"stat-info stat-hide\">Sales &amp; Use Tax Rate<\/span><\/div>[vc_column_text css=&#8221;.vc_custom_1675453185783{padding-right: 10% !important;padding-left: 10% !important;}&#8221;]<\/p>\n<p style=\"text-align: center;\">South Carolina\u2019s sales and use tax rate is 6%<\/p>\n<p>[\/vc_column_text][\/vc_column_inner][vc_column_inner width=&#8221;1\/3&#8243;][vc_raw_html css=&#8221;.vc_custom_1675090263019{margin-bottom: 0px !important;}&#8221;]JTNDZGl2JTIwY2xhc3MlM0QlMjJzdGF0LXdyYXBwZXIlMjBpbmZvLWJvdHRvbSUyMiUzRSUzQ3NwYW4lMjBjbGFzcyUzRCUyMmNvdW50JTIweC1sYXJnZSUyMG91dGxpbmUtbnVtLXYyJTIyJTNFTk8lM0MlMkZzcGFuJTNFJTNDc3BhbiUyMGNsYXNzJTNEJTIyc3RhdC1pbmZvJTIyJTIwc3R5bGUlM0QlMjJkaXNwbGF5JTNBYmxvY2slM0JvcGFjaXR5JTNBMSUyMiUzRVN0YXRlJTIwUHJvcGVydHklMjBUYXglM0MlMkZzcGFuJTNFJTNDJTJGZGl2JTNF[\/vc_raw_html][vc_column_text css=&#8221;.vc_custom_1675453193388{padding-right: 10% !important;padding-left: 10% !important;}&#8221;]<\/p>\n<p style=\"text-align: center;\">In SC, only local governments may levy property taxes<\/p>\n<p>[\/vc_column_text][\/vc_column_inner][vc_column_inner width=&#8221;1\/3&#8243;]<div class=\"stat-wrapper info-bottom\"><span class=\"figure\">5<\/span><span class=\"count x-large outline-num-v2\">0<\/span><span class=\"stat-pre-suf stat-hide\">%<\/span><span class=\"stat-info stat-hide\">Corporate Income Tax Rate<\/span><\/div>[vc_column_text css=&#8221;.vc_custom_1675453198710{padding-right: 10% !important;padding-left: 10% !important;}&#8221;]<\/p>\n<p style=\"text-align: center;\">At 5%, is among the lowest in the Southeast<\/p>\n<p>[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row css_animation=&#8221;slideInUp&#8221; el_class=&#8221;row-main row-offset row-right&#8221;][vc_column][vc_custom_heading text=&#8221;Common Incentives Offered to our Eligible Business Partners&#8221; use_theme_fonts=&#8221;yes&#8221; el_class=&#8221;section-header&#8221;][vc_tta_accordion style=&#8221;outline&#8221; shape=&#8221;square&#8221; color=&#8221;black&#8221; active_section=&#8221;&#8221; css_animation=&#8221;bottom-to-top&#8221; no_fill=&#8221;true&#8221;][vc_tta_section title=&#8221;Corporate Income Tax Credits&#8221; tab_id=&#8221;corporate-tax&#8221;][vc_row_inner][vc_column_inner width=&#8221;5\/6&#8243;][vc_custom_heading text=&#8221;While our corporate tax credits vary, here are some state credits based on capital investment and job creation&#8221; font_container=&#8221;tag:h3|text_align:left&#8221; use_theme_fonts=&#8221;yes&#8221;][\/vc_column_inner][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][\/vc_row_inner][vc_row_inner css=&#8221;.vc_custom_1675092021691{margin-top: 0px !important;padding-top: 0px !important;}&#8221;][vc_column_inner width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<ul>\n<li>Jobs Tax Credits are a statutory incentive offered to new and existing companies that create new jobs in the state, and that establish or expand manufacturing facilities, distribution centers, corporate headquarters, research and development facilities, and qualified service-related facilities.<\/li>\n<li>Corporate headquarters facility tax credits<\/li>\n<li>Child care tax credits (for providing child care benefits)<\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column_inner][vc_column_inner width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<ul>\n<li>Research and development tax credits (for R&amp;D activities)<\/li>\n<li>Textile and retail revitalization credits<\/li>\n<li>Port volume increase credits<\/li>\n<li>Ethanol and bio-diesel credits<\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_tta_section][vc_tta_section title=&#8221;Tax Exemptions&#8221; tab_id=&#8221;tax-exemptions&#8221;][vc_row_inner][vc_column_inner width=&#8221;5\/6&#8243;][vc_custom_heading text=&#8221;To help your business grow, we offer several exemptions for property and sales taxes&#8221; font_container=&#8221;tag:h3|text_align:left&#8221; use_theme_fonts=&#8221;yes&#8221;][\/vc_column_inner][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][\/vc_row_inner][vc_row_inner equal_height=&#8221;yes&#8221; content_placement=&#8221;top&#8221; css=&#8221;.vc_custom_1675091644685{margin-bottom: 0px !important;border-bottom-width: 1px !important;padding-bottom: 0px !important;}&#8221;][vc_column_inner width=&#8221;1\/2&#8243; css=&#8221;.vc_custom_1675091638358{margin-top: 0px !important;padding-top: 0px !important;}&#8221;][vc_custom_heading text=&#8221;Exemptions and Incentives Against Property Tax&#8221; font_container=&#8221;tag:h4|text_align:left&#8221; use_theme_fonts=&#8221;yes&#8221;][vc_column_text]<\/p>\n<ul>\n<li>No tax on inventory, intangibles, or pollution control equipment.<\/li>\n<li>Five-year abatement of the county operating portion of property tax, lowering the millage rate by approximately 33%. Generally, this saves 20-25%, with a low investment requirement of $50,000.<\/li>\n<li>Opportunity to negotiate with the county for a fee-in-lieu of property taxes. With a minimum $2.5 million capital investment, a county can substitute a 20-year fee schedule with a reduced assessment rate (as low as 6%) in place of standard property tax payments.<\/li>\n<li>Special Source Revenue Credits which are a rebated percentage of paid property taxes used to help offset infrastructure improvements.<\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column_inner][vc_column_inner width=&#8221;1\/2&#8243; css=&#8221;.vc_custom_1675091649949{margin-top: 0px !important;padding-top: 0px !important;}&#8221;][vc_custom_heading text=&#8221;Exemptions from Sales Tax&#8221; font_container=&#8221;tag:h4|text_align:left&#8221; use_theme_fonts=&#8221;yes&#8221;][vc_column_text]<\/p>\n<ul>\n<li>Sales tax exemption on manufacturing equipment and electricity.<\/li>\n<li>Sales tax exemption on machinery used in research and development.<\/li>\n<li>No value-added taxes.<\/li>\n<li>No wholesale sales tax.<\/li>\n<li>No tax on packaging materials.<\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_tta_section][vc_tta_section title=&#8221;Additional Incentives&#8221; tab_id=&#8221;additional-incentives&#8221;][vc_row_inner][vc_column_inner width=&#8221;5\/6&#8243;][vc_custom_heading text=&#8221;In addition to tax credits and exemptions, we may offer these incentives for qualifying businesses&#8221; font_container=&#8221;tag:h3|text_align:left&#8221; use_theme_fonts=&#8221;yes&#8221;][\/vc_column_inner][vc_column_inner width=&#8221;1\/6&#8243;][\/vc_column_inner][\/vc_row_inner][vc_row_inner css=&#8221;.vc_custom_1675091943068{margin-top: 0px !important;padding-top: 0px !important;}&#8221;][vc_column_inner width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<ul>\n<li>Multi-County Park Status can enhance Job Tax Credits with an additional $1,000\/job for Jobs Tax Credit.<\/li>\n<li>Job Development Credits are discretionary incentives that rebate a portion of new employees\u2019 withholding taxes and can be used to address specific needs of individual companies. These credits are approved on a case-by-case basis by the S.C. Coordinating Council for Economic Development (CCED). To qualify, a company must meet certain requirements including paying 50% of health care benefits and a manufacturing wage of $13.16 per hour, and jobs must be for full-time employment.<\/li>\n<li>Special Source Revenue Credit can be offered at the county\u2019s discretion to assist a company with specific project costs for a site, site preparation, and infrastructure.<\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column_inner][vc_column_inner width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<ul>\n<li>Permit Fees may be discounted based upon a company\u2019s investment and number of jobs.<\/li>\n<li>Grants may be applied for and secured by Chester County to help a company initiate its business.<\/li>\n<li>Land cost write-downs or subsidies may be available if a company chooses to build on county property.<\/li>\n<li>Utility rate economic development riders or other incentives may apply.<\/li>\n<li>Recruiting, screening, pre-employment training, post-hire training, and incumbent training can be made available through readySC\u2122 \u2013 a state program which focuses on the training needs of new and existing businesses and industries in South Carolina. Examples include ISO 9000, Total Quality Management, World Class Concepts, and Team Building classes.<\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_tta_section][\/vc_tta_accordion][vc_column_text]For specific incentives applicable to your company, <a href=\"http:\/\/elephanteardesign.com\/cced\/about-us\/contact-us\/\">contact us<\/a> directly.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row equal_height=&#8221;yes&#8221; content_placement=&#8221;middle&#8221; css_animation=&#8221;bottom-to-top&#8221; el_class=&#8221;row-main row-offset row-right&#8221; el_id=&#8221;lede&#8221;][vc_column width=&#8221;1\/2&#8243; el_class=&#8221;page-lede&#8221;][vc_row_inner equal_height=&#8221;yes&#8221; content_placement=&#8221;middle&#8221;][vc_column_inner][vc_custom_heading text=&#8221;Incentives that Boost the Bottom Line&#8221; use_theme_fonts=&#8221;yes&#8221;][vc_column_text]By locating [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":972,"parent":15,"menu_order":5,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"footnotes":""},"class_list":["post-782","page","type-page","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/elephanteardesign.com\/cced\/wp-json\/wp\/v2\/pages\/782","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/elephanteardesign.com\/cced\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/elephanteardesign.com\/cced\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/elephanteardesign.com\/cced\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/elephanteardesign.com\/cced\/wp-json\/wp\/v2\/comments?post=782"}],"version-history":[{"count":36,"href":"https:\/\/elephanteardesign.com\/cced\/wp-json\/wp\/v2\/pages\/782\/revisions"}],"predecessor-version":[{"id":1062,"href":"https:\/\/elephanteardesign.com\/cced\/wp-json\/wp\/v2\/pages\/782\/revisions\/1062"}],"up":[{"embeddable":true,"href":"https:\/\/elephanteardesign.com\/cced\/wp-json\/wp\/v2\/pages\/15"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/elephanteardesign.com\/cced\/wp-json\/wp\/v2\/media\/972"}],"wp:attachment":[{"href":"https:\/\/elephanteardesign.com\/cced\/wp-json\/wp\/v2\/media?parent=782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}