TAXES & INCENTIVES

South Carolina’s business-friendly taxation and incentive structures are designed to reduce costs and maximize return on investment for companies considering a location within the United States. At 5%, the South Carolina corporate tax rate is among the lowest in the Southeast. And, there are many tax incentives that can reduce or eliminate corporate income taxes.

South Carolina's Taxes & Incentives

The state of South Carolina offers the following statutory tax benefits:
  • No state property tax
  • No local income tax
  • No inventory tax
  • No sales tax on manufacturing machinery, industrial power or materials for finished products
  • No wholesale tax
  • No unitary tax on worldwide profits
  • Favorable corporate income tax structure
Click here for South Carolina’s Business Incentive Guide, with details on Statutory Income Tax Credits, Sale and Use Tax and Incentives, Local Property Tax & Incentives, and Discretionary Incentives.

Workforce Training at No-Cost

One of the strongest incentives provided to growing companies in South Carolina is the workforce recruitment and training programs offered by the state through readySC™ and Apprenticeship Carolina™, which includes recruiting, screening and training that is tailored to the company’s needs.

Community-Offered Incentives

In South Carolina, only local governments levy property taxes. And, property tax and other incentives are offered by county and city governments for qualified business expansions or locations. Contact us today to explore available Upstate properties and connect directly with our county governments.

Workers’ Compensation & Unemployment Costs

  • South Carolina's unemployment insurance rates for employers are below the national average.
  • The South Carolina State Unemployment Tax Act (SUTA) unemployment insurance tax is based on the first $12,000 in wages for each employee.
  • For more information, contact the SC Department of Employment & Workforce.

Rankings

According to the Tax Foundation, South Carolina ranks among the leaders in several categories:
  • 4th lowest combined state and local tax collections per capita
  • 6th lowest state tax collections per capita
  • 7th lowest property taxes in terms of owner-occupied home values
  • 8th lowest corporate income tax collections per capita
  • 9th lowest state and local tax burden per capita
  • 11th lowest combined state and local general sales tax collections per capita
  • 11th lowest state revenue (taxes, fees, licenses, intergovernmental revenue) per capita
  • 8th best state for Tax Freedom Day – how long into the year Americans work before they have earned enough money to pay all federal, state, and local taxes for the year.


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Contact Info
124 Verdae Boulevard, Suite 202, Greenville SC 29607
864.283.2300