Beaufort County boasts a wide range of attractive business incentives – giving entrepreneurs and early stage startups not only an edge in the marketplace, but helping them to continue to grow and thrive in a vibrant business community. With Beaufort County’s competitive tax rates and exceptional economic business climate, there are some major advantages to doing business here – and countless business success stories who can attest to the many benefits of being part of the Bluffton business community. In addition, South Carolina is proud to offer the following statutory incentives, making it even more advantageous to launch and grow your business in the Palmetto State:
No state property tax
No local income tax
No inventory 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
CORPORATE INCOME TAX & INCENTIVES
At 5%, South Carolina’s Corporate Income Tax Rate is among the lowest in the Southeast. The state uses a single-factor sales formula for apportioning income.
Many companies qualify for a Job Tax Credit, which eliminates up to 50% of a company’s corporate income tax liability for a specified number of years.
The Corporate License Tax Rate is $1 for each $1,000 of capital stock and paid-in or capital surplus, plus a $15 annual fee.