The South Carolina legislature overrode the governor’s veto to approve a bill that extends the state’s Job Development Credits to professional services and office jobs. The bill also reduces job and wage thresholds for qualified service-related facilities, with the minimum now set at 75 jobs. Certain retail, legal, accounting, banking, and investment services firms may now apply for the credits.
The bill also suggests, but does not require, that South Carolina’s Coordinating Council on Economic Development consider wages, the nature of the new jobs, capital investment, growth potential, and percentage of receipts derived from outside the state in its decision to provide incentives to qualifying companies.
In addition, the bill creates a new tax credit program for agribusinesses and includes “provisions to help offset costs associated with rehabilitation of abandoned buildings.”
Known as the SCEDA bill, the legislation was backed by the South Carolina Economic Developers’ Association.