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Overview
The Job Tax Credit (JTC) is a statutory incentive offered to companies, both existing and new, that create new jobs in the state. This credit is extremely beneficial for companies, because it is a credit against corporate income taxes, which can eliminate up to 50% of a company’s liability.¹
Eligibility
- A business must be engaged in manufacturing, processing, tourism, warehousing, banking, distribution or research and development.
- Credit amount is $1,500-$8,000 per year for a five-year period for each new, full time job created, depending on county designation¹
- Full time job is minimum of 35hrs/week; two half-time jobs (20 hrs/week or more) can be combined to equal one full time job for credit eligibility¹
- No minimum wage requirement for all businesses*¹
Opportunity
For 2011 and years thereafter, the “basic” job tax credit amounts under the traditional annual job tax credit are as follows:
- Tier I County: $1,500
- Tier II County: $2,750
- Tier III County: $4,250
- Tier IV County: $8,000¹
Credit can be used against 50% of tax liability or carried forward 15 years¹
*Values cited for specific incentives are believed to be accurate at time of publication but are subject to change by the individual jurisdictions.
¹S.C. Code Ann. § 12-6-3360 Job tax credit
(Retail facilities and service-related industries qualify in Tier IV County¹)
Let Synergi Partners manage the entire process!
Synergi Partners successfully found the following amounts for a fast-food restaurant located in a Tier 4 county in South Carolina:
2017: $128,000
2018: $104,000