Best Places for Business Incentives: Come to Laurens County, SC

10/31/2024

Ready to expand your company to a location with fantastic business incentives? Look no further than Laurens County, South Carolina. With a long list of state and local economic incentives, businesses are quickly moving their organizations to Laurens County. Read more to see why Laurens County is an amazing place to run your business – and take advantage of our business incentives.

Economic Incentives Specific to Laurens County

Manufacturing, hospitality, automotive parts, and more have found their home in Laurens County. These are the economic incentives that make it an ideal place to start or expand a business.

Fee-in-Lieu of Property Taxes. Industries that invest in Laurens County may negotiate for a Fee-in-Lieu-of Property Taxes. These payments can be stabilized over the term of the agreement, giving business owners a specific dollar amount to plan for, versus paying property taxes at the end of each fiscal year. Learn more about FILOT here.
Special Source Revenue Credit (SSRC). The SSRC is a reimbursement incentive. Once the county agrees to reimburse a portion of an organization’s property taxes, the organization must use that money to reinvest in its business. For most business owners, this is a no-brainer!
Property Tax Abatements. New manufacturing facilities and additions costing at least $50,000 to existing manufacturing facilities are exempt from the ordinary county taxes for a period of five years. This does not apply if an organization is already using Fee-in-Lieu of Property taxes. Learn more about property tax abatements here.
Employee Training. Laurens County is proud to partner with ReadySC, which provides customized recruiting and training solutions to companies bringing new jobs to the state through relocation or expansion. New businesses do not need to worry about recruiting skilled workers - ReadySC will do it for them.
State of South Carolina Incentives
- Discretionary Incentives -A Job Development Credit (JDC) is a discretionary, performance-based incentive that rebates a portion of new employees’ withholding taxes that can be used to address the specific needs of individual companies. The S.C. Coordinating Council for Economic Development (CCED) approves JDCs on a case-by-case basis by the S.C. Coordinating Council for Economic Development (CCED). To qualify, a company must meet certain business requirements and the amount a company receives depends on the company’s pay structure, location and number of employees.
- Statutory Incentives- The Job Tax Credit (JTC) is a statutory incentive offered to companies, both existing and new, that create new jobs in the state. The credit is available to companies that establish or expand corporate headquarters, manufacturing, distribution, processing, qualified service-related, research and development facilities. This credit is extremely beneficial for companies, because it is a credit against corporate income taxes, which can eliminate 50 percent of a company’s liability.

There are even more business incentives for companies to enjoy in Laurens County, South Carolina. Read the full list about how your organization can maximize its profits only in Laurens County.

Economic Incentives in South Carolina

In support of business, South Carolina exempts three classes of property from local property

Taxation: All inventories (such as raw materials, work-in-progress, and finished goods); all intangible property; and pollution control equipment. South Carolina business owners also enjoy benefits like the following:

No local income tax
No sales tax on manufacturing machinery, industrial power or materials for finished products
No wholesale tax
No unitary tax on worldwide profits
Favorable corporate income tax structure

It’s no surprise that Laurens County is becoming a hub for smart business owners. Maximize your profits, easily find a skilled workforce, and minimize your taxes in beautiful South Carolina. Contact us today to learn more about expanding your business in Laurens County.