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As one of the leading export states, South Carolina has utilized several tax and low cost of doing business initiatives to create new jobs within the state. South Carolina has one of the lowest corporate income taxes in the Southeast, low cost of unemployment insurance, low workers’ compensation premiums, and a competitive average employer cost for an “employee plus one” health care premium. South Carolina gears its business climate towards fair wage rates, no local income tax, a right-to-work policy, easy access to government, trade secret protection, and incentives that reward job creation and investment. Exports To enhance exports the state has developed a Port Volume Increase Credit that provides a discretionary tax credit for certain industries that increase use of South Carolina ports. The Port Volume Increase Credit is available to manufacturers, warehousers, and distributors that use South Carolina port facilities and increase base port cargo volume by 5% over base-year totals. In 2003, the state organized the first ever trade mission to China led by a Governor and Secretary of Commerce. The initial mission resulted in $120 million in sales for three South Carolina companies and has been followed by additional missions to China. Additionally, the Department of Commerce offers assistance to companies that want to begin exporting or need help in increasing their exports. Over the last several years, the state has provided assistance to more than 2,500 firms, helping to identify new markets for their products or services. The state holds export-related seminars on starting to export, doing business in specific countries,
arranging financing, and other topics. From 2002 to 2009, total export value in South Carolina grew by 71%. The value of manufacturing exports also grew 71% between 2002 and 2009, from $9.4 billion to $16.1 billion. Entrepreneurship and Innovation The South Carolina Center of Economic Excellence Program (CoEE) was established by the state legislature in 2002 and authorizes the state’s three public research institutions, Clemson University, the Medical University of South Carolina, and the University of South Carolina, to create Centers of Economic Excellence in research areas that advance South Carolina’s economy and capitalize on the state’s competitive advantages. The program awards each Center of Economic Excellence from $2 million to $5 million in state funds which must be matched on a dollar-for-dollar basis with non-state funds to support endowed chairs occupied by world-class scientists to lead each Center. To date, more than 45 cutting-edge research centers have been created in areas including advanced materials, energy, nanotechnology, health, and optics. There are four centers housed at Clemson University International Center for Automotive Research – automotive systems integration, manufacturing, design and development, and vehicle electronic systems integration. The state has appropriated $180 million from the state Education Lottery to fund the program. More than $230 million in non-state funds have been invested, and nearly half ($113 million) is comprised of dollar-for-dollar partnership matches.
Job Development Credits (JDCs) JDCs have been a great resource in attracting new job creation to South Carolina. JDCs are 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.
The credit is available for a five-year period, beginning with year two. The number of new full time jobs is determined by comparing the monthly average number of full time employees for the taxable year with the monthly average for the prior taxable year.
Qualifying businesses are eligible to receive a tax credit for each new full-time or full-time equivalent job created. A business must increase employment by a monthly average of ten new jobs. 67