CHARLESTON, SC—South Carolina’s tax credits for job creation have been in the public eye recently, thanks to the state’s recruitment pitch to the Carolina Panthers for the team to move its offices and practice facilities to the Palmetto State.
With that in mind, Womble Bond Dickinson attorney Stephanie Yarbrough discussed South Carolina’s job tax credits with Charleston CEO. Yarbrough, who regularly works with South Carolina companies on tax incentives and other economic development incentives, said the job tax credits can benefit a wide range of companies.
“Job tax credits can make up a significant portion of the total dollar value of the incentives that may be available to companies,” she tells Charleston CEO. “The credits can eliminate 50% of state income tax liability in a given year, with a 15-year carryforward.”
These incentives are divided into four tiers, which are based on employment rates and per-capita income. So a company can earn more tax credits by adding jobs in poor, rural counties than they would in the state’s most prosperous areas, such as Charleston, Columbia and Greenville/Spartanburg.
Stephanie Yarbrough has played a role in many of South Carolina’s largest economic development deals of the past 20 years. She works closely with companies seeking to expand or relocate operations to the Carolinas and the Southeastern United States. Her efforts on behalf of clients have led to the creation of thousands of new jobs and billions of dollars in new investments. When the New York Times profiled Charleston’s economic boom in 2017, Yarbrough was one of the local leaders the Times turned to for insight.