South Carolina Taxes

CORPORATE INCOME TAX—Corporate headquarters credit.

The South Carolina Department of Revenue has released the most recent per capita income figures for the state and for all South Carolina counties. The per capita income figure is used to determine whether a taxpayer is qualified to receive the personal property component of the headquarters credit under S.C. Code Ann. §12-6-3410. The most recently available per capita income figure for South Carolina, to be used in determining if a taxpayer may claim the personal property component of the credit is $32,338. (South Carolina Information Letter 10-12, 10/07/2010.)

CORPORATE INCOME TAX—Credits for new jobs.

The South Carolina Department of Revenue has released the most recent per capita income figures for the state and for all South Carolina counties. The amount of the jobs tax credit available under S.C. Code Ann. §12-6-3360 to small businesses with 99 or fewer employees that increase employment by two or more full-time jobs depends in part on if the gross wages of the new full-time jobs amount to a minimum of 120% of the county's or the state's average per capita income, whichever is lower. Job tax credits are also allowed for taxpayers that create new full-time job at a qualifying service-related facility with average cash compensation levels exceeding the lower of state per capita income or the per capita income in the county where the jobs are located. In addition, job tax credits are available under S.C. Code Ann. §12-10-80 for employee relocation expenses for employees with gross wages equal to twice the per capita income for the state or county in which the project is located, whichever is lower. The most recently available per capita income figure for South Carolina is $32,338. (South Carolina Information Letter 10-12, 10/07/2010.)

CORPORATE INCOME TAX—Special allocation and apportionment incentives.

The South Carolina Department of Revenue has released the most recent per capita income figures for the state and for all South Carolina counties. Several of the special allocation and apportionment provisions contained in S.C. Code Ann. §12-6-2320(B), require that certain per capita income requirements be met. The most recently available per capita income figure for South Carolina is $32,338. (South Carolina Information Letter 10-12, 10/07/2010.)

PERSONAL INCOME TAX—Credits for new jobs.

The South Carolina Department of Revenue has released the most recent per capita income figures for the state and for all South Carolina counties. The amount of the jobs tax credit available under S.C. Code Ann. §12-6-3360 to small businesses with 99 or fewer employees that increase employment by two or more full-time jobs depends in part on if the gross wages of the new full-time jobs amount to a minimum of 120% of the county's or the state's average per capita income, whichever is lower. Job tax credits are also allowed for taxpayers that create new full-time jobs at a qualifying service-related facility with average cash compensation levels exceeding the lower of state per capita income or the per capita income in the county where the jobs are located. In addition, job tax credits are available under S.C. Code Ann. §12-10-80 for employee relocation expenses for employees with gross wages equal to twice the per capita income for the state or county in which the project is located, whichever is lower. The most recently available per capita income figure for South Carolina is $32,338.(South Carolina Information Letter 10-12, 10/07/2010.)

SALES AND USE TAX—Technology intensive facilities exemption.

The South Carolina Department of Revenue has released the most recent per capita income figures for the state and for all South Carolina counties. A sales and use tax exemption is available under S.C. Code Ann. §12-36-2120(65) for computer equipment used in connection with a technology intensive facility if the taxpayer meets certain investment requirements and creates at least 100 jobs with an average cash compensation of at least 150% of the state per capita income at the facility over a 5-year period. The most recently available per capita income figure for South Carolina is $32,338. (South Carolina Information Letter 10-12, 10/07/2010.)

PROPERTY—Life sciences facilities.

The South Carolina Department of Revenue has released the most recent per capita income figures for the state and for all South Carolina counties. Increased depreciation allowances are permitted under S.C. Code Ann. §12-37-930 for a life sciences facility, if the taxpayer meets certain investment requirements and creates 200 new jobs at the project with an average cash compensation of at least 150% of the lower of the annual per capita income in the state or county where the facility is located. The most recently available per capita income figure for South Carolina is $32,338. (South Carolina Information Letter 10-12, 10/07/2010.)