To qualify for the South Carolina Annual Jobs Tax Credit, an employer must create and maintain at least 10 full-time jobs per month for a minimum of one year (exceptions apply for certain business types). Eligible jobs are recognized when a new facility is created or when an expansion is staffed. While there are generally no minimum wage requirements, exceptions apply.
The credit amount ranges from $1,500 to $25,000 annually for each new full-time job created, available for up to five years from the year the job is established, subject to exceptions. Businesses located within a multi-county industrial park or a Brownfield Voluntary Cleanup Program zone may be eligible for an additional credit of $1,000 per job. Credits may be claimed in the second year following the job creation, continuing through year six.
Tier 1: $1,500
Tier 2: $2,750
Tier 3: $20,250
Tier 4: $25,000
The Annual Small Business Jobs Tax Credit is available to employers who have 99 or fewer employees worldwide, who create and maintain a monthly average increase of two new full-time jobs (exceptions apply for certain business types).
Eligible businesses can receive a credit ranging from $750 to $25,000 per year for each new full-time job created for up to five years from the year in which the job was created. An additional $1,000 credit per job may be to businesses with locations in a multi-county park and/or Brownfields Voluntary Cleanup Program zone. Credits may be claimed in the second year following the job creation, through year six.
| Tier I | Tier II | Tier III | Tier IV | |
|---|---|---|---|---|
| Amount | $1,500 | $2,750 | $20,250 | $25,000 |
| Counties |
Beaufort Berkeley Charleston Dorchester Florence Greenville Kershaw Lexington Oconee Spartanburg York |
Aiken Anderson Calhoun Edgefield Georgetown Jasper Lancaster Newberry Pickens Richland Saluda |
Chester Chesterfield Clarendon Colleton Darlington Fairfield Greenwood Hampton Horry Laurens McCormick Sumter |
Abbeville Allendale Bamberg Barnwell Cherokee Dillon Lee Marion Marlboro Orangeburg Union Williamsburg |
The Accelerated Small Business Job Tax Credit has the same eligibility requirements as the Annual Small Business Jobs Tax Credit with one key difference: businesses can claim the credit sooner; this credit is available in year one through year five from job creation. This allows for faster financial benefit to qualifying businesses.
Synergi can help you evaluate whether you qualify for various credits and incentives. Our team performs a thorough calculation and provides detailed reporting, enabling you to claim the credit. We do the heavy lifting so you can focus on running your business.
Contact us today if you have experienced hiring or investment growth in South Carolina and would like more information on how Synergi can assist your business.
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