Berkeley County is one of the leading pro-business locations in the Southeast, and our robust financial incentives are part of that reputation. Berkeley County currently enjoys the lowest millage rate in the state of South Carolina. Learn more about specific incentives and programs for your business below:
Many financial incentives available within South Carolina are statutory and are claimed directly by your company when you file your South Carolina corporate income taxes, to include five-year property tax abatement, sales tax exemptions, job tax credits, corporate headquarters credit and research and development credit.
South Carolina offers the following statutory incentives:
- No State Property Tax
- No Local Income Tax
- No Inventory Tax
- No Wholesale Tax
- No Unitary Tax on Worldwide Profits
- No Sales Tax on Manufacturing Machinery, Industrial Power or Materials for Finished Products
- Favorable corporate income tax structure
Some financial incentives can be negotiated with Berkeley County and the state of South Carolina. Several factors play a role in determining these incentives; capital investment, new jobs and average wage involved in a new project or expansion. Eligible businesses might qualify for Fee-in-lieu of taxes (FILOT), Job Development Credits or a Multi-County Park agreement.
For more information on discretionary incentives, statutory incentives and the tax structure see the SC Department of Commerce website.
Grants to underwrite site development costs, to upgrade or extend roads, or water and sewer service can be made available on new or substantial expansion projects. Set-aside grants are awarded by the South Carolina Coordinating Council for Economic Development.
These grants are discretionary and may be used for public infrastructure, site clearing and other project-related purposes.