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Chamber After HoursDate: 10.16.2007Time: 05:15:00 PMMonthly Chamber After Hours
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Taxes and Incentives
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Corporate Income Tax:
At 5% South Carolina has the lowest corporate income tax rate in the Southeast, and one of the lowest in the nation. The starting point in determining South Carolina taxable income is the corporation's federal taxable income. The license fee is .001 %. of the corporation's capitalization, plus $15.00. The corporation's capital Stock and paid in surplus are subject to this tax. The minimum license fee is $25.00 and paid in advance.
Corporate Income Tax Credits:
- Tax credits for new jobs
- Tax credits for corporate headquarters facilities
- Tax credits for providing child care benefits
- Tax credits for investment in infrastructure
- No unitary taxes on worldwide profits
Sales and Use Tax:
Sales tax is imposed on the sale of goods and certain services in South Carolina. The statewide sales tax is 5%. An additional 1% optional sales tax, which is applied to public education, is imposed in Cherokee County.
Exemptions on Sales Tax:
- Exemptions on manufacturing equipment and electricity
- No wholesale sales taxes
- No value-added taxes
Property Tax:
Property tax is administered and collected by local governments with assistance from the South Carolina Department of Revenue. Real and personal property are subject to the tax. Approximately two-thirds of the county levied property taxes are used for the support of public education. Municipalities impose a tax on property within the limits of the municipality for services provided by the municipality. Each class of property is assessed at a ratio unique to that type of property to determine the assessed value of the property. Each county, municipality, school district, and other tax district then applies its millage rate to the assessed value to determine the tax due. The mill-age rate is equivalent to the tax per $1,000 of assessed value. For example, if the millage rate is 200 mills and the assessed value of the property $1,000, the tax on that property is $200.
(Source: SC Department of Revenue, 1997)
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