Do you own or work for a company that is considering relocating to or expanding in South Carolina? If you do, you should seriously consider contacting South Carolina Attorneys At Law to see what kind of economic development incentives are available to your company. Under Article X of the South Carolina Constitution, manufacturing real or personal property is assessed at 10.5% of its fair market value and commercial personal property is assessed at 10.5%! With proper economic development incentives in place, the 10.5% assessment ratio can be, and often is, negotiated to 6%. This represents a substantial savings for your company!
Our economic development practice group is well versed on the state and local government incentives that are available to your company having assisted both local government and private sector interests in economic development projects.
The world of economic development incentives can often be very confusing, and the types of incentives that your company may qualify for depends on many factors, e.g. infrastructure investment. There are many moving parts involved that take a significant amount of time, from the dealings with elected officials that comprise a county council, negotiations between the company and the local economic development office, and the particular requirements set forth by the South Carolina Department of Revenue that must be satisfied to maximize any incentives that are granted.
A sampling of some of the types of economic development incentives our Economic Development practice group can assist you with:
- Negotiated Fee-In-Lieu of Ad Valorem tax (FLIOT)
- Multi County Industrial Park (MCIP)
- Special Source Revenue Credits (SSRC)
- And many more!
Contact our economic development practice group at firstname.lastname@example.org to see how we can help you today!