The Williamsburg County Development Board was created to provide leadership in the recruitment, retention, and development of new and existing business and industry in Williamsburg County.  The Development Board works with local, state, and federal officials to create and maintain a pro-business environment for new and existing companies.  The tax structure in South Carolina and the incentive packages that can be offered by Williamsburg County and state officials are among the best in the Southeastern U.S. for new and existing companies.

South Carolina continually leads the Southeast region in per capita investment, with over over $50 billion since 1994. Eighty-five percent of this investment was from companies already located in South Carolina – a fact that proves companies that decide to locate in South Carolina grow here. In fact, South Carolina has one of the highest economic growth rates in the Southeast, as well as the nation. During the past decade, South Carolina has provided its corporate citizens with substantial business advantages:

• A stable 5 percent corporate income tax rate South Carolina has the lowest income tax rate in the Southeastern United States.

• A broad range of pro-business legislation South Carolina's incentives are designed to offer real competitive advantages.

• Business tax stability South Carolina has the eighth lowest per capita tax burden in the United States.
  
  

Some of the key elements of the state's performance-based incentive program that reward companies for investing in South Carolina include the following:

Corporate Income Tax Credits

• Tax credits for new job creation

• Tax credits for corporate headquarters facilities

• Tax credits for providing child care benefits

• Tax credits for investments in new production machinery in the 27 counties affected by the closure of federal facilities (considered Economic Impact Zones).
  
  

Exemptions and Incentives Offset Property Tax

• No tax on intangibles or inventory

• Five-year abatement of county portion of property tax

• Opportunity to negotiate a Fee-in-Lieu of county property taxes for up to 20 years
  
  

Exemptions from Sales Tax

• No tax on production machinery/repair parts

• No tax on production related fuels (electricity, gas, etc.)

• No wholesale sales tax

• No tax on packaging materials

If you desire a customized incentive summary specific to your project, please feel free to contact us, we'll be more than happy to assist you.