CEO Guide to Site Selection

#12

South Carolina

CEO Rank on Best & Worst States for Business

THE SUN IS SHINING IN THE PALMETTO STATE

South Carolina may lack the headquarters of a Fortune 500 company, but it may be one of the most business-friendly and tax-friendly states in the nation. For instance, there’s no state property tax, no local income tax, no inventory tax, no sales tax on manufacturing machinery, industrial power or material for finished products, and no wholesale tax or no unitary tax on worldwide profits. Many companies are also attracted to the state’s road systems, railroads and ports. Nestlé USA, BASF, Siemens and QVC have all announced investments here in the past year.

“Thanks to the success of our world-renowned ports, the tri-county area is full of opportunity, and companies are recognizing that at a rapid clip.”
Henry McMaster
Governor

TAXES

0 %

top corporate income tax

# 0

on the Tax Foundation’s State Business Tax Climate Index ranking

EDUCATION

0 %

of students graduated high school in 2019

0 %

of adults age 25 and older have a bachelor’s degree or higher

UNEMPLOYMENT RATE

0 %

RIGHT TO WORK STATE

Yes

QUALITY OF LIFE

# 0

POPULATION GROWTH

0 %

increase between 2010 and 2020

KEY INCENTIVES

Jobs Tax Credits: Offers a financial incentive for new and expanding companies that create and maintain a certain number of jobs in the state.

Corporate Headquarters Tax Credit: Offers a 20% tax credit, which can be applied against the corporate income tax or license fee, to companies that relocate or expand a corporate headquarters facility.

Investment Tax Credit: Offers a tax credit of up to 2.5% of investment in new production equipment to manu- facturers locating or expanding in the state.

Research & Development Tax Credit: Offers a credit of up to 5% of the taxpayers qualified research expenses as defined in Section 41 of the Internal Revenue Code.

EDCs

South Carolina Department of Commerce

sccommerce.com

Columbia Economic Development

choosecolumbiasc.com

Charleston Regional Development Alliance

crda.org

Central SC Alliance

centralsc.org

HIGHLIGHTED PROGRAM OR INITIATIVE

In July 2021, the South Carolina Department of Commerce Office of Innovation partnered with two statewide nonprofit organizations, Build Carolina and the South Carolina Council on Competitiveness, to create a pilot fellowship program designed to prepare new graduates for software development careers. The state hopes to help build a strong talent base for South Carolina’s rapidly growing technology ecosystem.

BIG DEALS

  • Google announced in March 2021 a $500 million data center in Berkeley County.
  • Siemens announced in May 2021, a $36 million investment and 180 new jobs in Spartanburg County.
  • Nestlé USA announced in June 2021 a $100 million expansion and 160 new jobs in Cherokee County.
  • QVC announced in June 2021 a $27.5 expansion and 360 new jobs in Florence County.
  • Premium Peanut announced a $64.3 million investment and 130 new jobs in Orangeburg County.
  • Nephron Pharmaceuticals announced in July 2021 a $100 million investment that and 250 new jobs in Lexington County.

BIG COMPANIES

  • Denny’s
  • Red Ventures
  • AgFirst
  • Milliken & Company
  • Michelin North America Muzak
  • ScanSource