#8 South Carolina
From the Governor
“Since 2017, tax rate cuts have saved businesses $102 million to reinvest in their workforce and in our state’s economy. ” —Gov. Henry McMaster
Building Business in the Palmetto State
Manufacturing remains strong in the Palmetto State, and new growth in tech and financial services is also driving the economy. Google recently announced a $600 million expansion of its campus in Berkeley County, and RountPoint Mortgage Servicing Corp. will create more than 1,100 new jobs at its headquarters in the coming years. Keurig Green Mountain, JW Aluminum and Caterpillar have also announced new projects.
No state property tax, local income tax, inventory tax or wholesale tax.
readySC: Offers training at no cost to the company at the state’s 16 technical colleges to develop a training curriculum to meet the company’s workforce requirements.
Job Tax Credit: Eliminates up to half of a company’s corporate income tax liability for a number of years.
Corporate Headquarters Tax Credit: Offers a 20% tax credit based on the value of the actual portion of the facility dedicated to the headquarters operation or direct lease costs for the first five years of operation.
Governor’s Closing Fund: Offers grants at the discretion of the governor to recruit or retain high-impact economic development projects.
Research and Development Tax Credit: Offers a credit equal to 5% of the taxpayer’s qualified research expenses.
South Carolina Department of Commerce: sccommerce.com
SC Power Team: scpowerteam.com
Charleston Regional Development Alliance: crda.org
Columbia Development Corp.: columbiasc.gov/cdc
Highlighted Program or Initiative
In September 2018, South Carolina’s Department of Commerce’s Office of Innovation, in collaboration with Build Carolina, announced SC Codes, a statewide program with free access to code education for all residents. It is available to any resident with access to the Internet and offers beginner to advanced curriculums specifically designed with the state’s industries in mind. The program also offers classroom-led sessions through local community partners.
- RoundPoint Mortgage Servicing Corp. announced in May 2018 a $34 million investment in its York County headquarters and the creation of 1,100 new jobs.
- Keurig Green Mountain announced in May 2018 a $350 million roasting and packaging facility in Spartanburg County that will create 500 new jobs.
- Becton, Dickson and Co. announced in June 2018 a $150 million expansion in Sumter County that will create 125 new jobs over the next several years.
- JW Aluminum announced in June 2018 a $225 million expansion and 50 new jobs in Berkeley County.
- Google announced in August 2018 a $600 million expansion of its campus in Berkeley County, bringing its total investment in the region to $2.4 billion.
- Caterpillar announced in October 2018 it will locate a casting facility in Greenwood County and create 85 new jobs.
- MAHLE Behr Charleston announced in October 2018 a $36 million manufacturing facility and 115 new jobs in Columbia.
Bank of America
Laboratory Corp of America
Quintiles IMS Holdings
“Establishing our new headquarters here is an important part of our vision and growth plan as we add new employees to transform our business and achieve our aggressive business goals.” —Kevin Brungardt, CEO, RoundPoint Mortgage Servicing Corp.
“Our MAHLE Behr Charleston facility has long been a successful and important part of MAHLE’s heritage and global operations. As we continue to win new business opportunities with key original equipment manufacturers, our Charleston facility will continue to be a key production site for the company.” —Uwe Krueger, Vice President of Thermal Management Systems, MAHLE