Leadership in TheLINK region aggressively pursues job creation and capital investment in our communities. We seek new industries to diversify regional economies, and actively encourage and facilitate growth at our existing industries.
Together we can customize working environments that reward private-sector investment with local service and a full array of development incentives.
Here is a snapshot of some of the most common incentives that could be available to companies that invest in TheLINK.
Job Development Credit: A Job Development Credit (JDC) is a discretionary, performance-based incentive that rebates a portion of new employees' state withholding taxes. Those funds can then be used to address the specific needs of individual companies. JDCs are approved on a case-by-case basis by the S.C. Coordinating Council for Economic Development. To qualify, a company must meet agreed-upon growth goals.
Jobs Tax Credit: This statutory incentive, the Jobs Tax Credit (JTC) is available to companies establishing or expanding manufacturing, distribution, processing, tourism, warehousing, and R&D facilities. Credits range up to $8,000 per job. The tax credit is non-refundable and non-transferable, but unused credits can be carried forward for up to 15 years.
Economic Development Set-Aside Program: The Economic Development Set-Aside Program is another valuable state discretionary program of the Coordinating Council for Economic Development. The most common business assistance is road or site improvements, but other development costs can be funded through the program as well.
Fee in Lieu of Tax: The Fee-in-Lieu of Property Tax (FILOT) can reduce the assessment ratio on manufacturing properties by more than 40% for a set period of time. The FILOT is a discretionary development incentive, and is approved at the county level. All FILOTs are customizable and structured to meet the needs of both the community and the company.
Special Source Revenues Credits: a county-level incentive at the discretion of either Lee or Sumter County Councils, the SSRC allows the county to invest in the infrastructure necessary for local business growth.
MultiCounty Industrial Park: The MCIP allows a company to increase its Job Tax Credits by $1,000 per year, and can be a very valuable incentive. The MCIP also allows for the partnering county to realize an agreed-upon percentage of the project's revenue stream, enhancing regional growth and competitiveness.
Job Training Incentives: The State can provide job training grants to companies that relocate or expand existing operations. The value of the training grants vary widely based on the location and nature of the training provided, but this discretionary incentive can cut a company’s training costs dramatically.