Agribusiness Economic Development works with the South Carolina Department of Commerce, as well as with the state’s regional economic development alliances and city/county economic development boards to continually promote agribusiness in South Carolina.
Much of their work surrounds the research and recruitment of prospective agribusiness companies that may have an interest in locating or growing their agribusiness in South Carolina, via the production of South Carolina Grown® products, or value-added services/processing that supply and support South Carolina agriculture.
Currently, agribusiness in South Carolina represents a $41.7 billion economic impact to our state…and over 210,000 jobs!
As SCDA continues to grow and in order to meet its goal of $50 billion impact by year 2020, we all must recognize it is a team effort, but a very focused one, to create and grow jobs and investment in our state, with and through companies large and small.
Agribusiness Discretionary Incentive
Tax Credit for Increases in Purchases of South Carolina Agricultural Products
South Carolina provides a possible income tax credit or withholding tax credit to agribusiness or agricultural packaging operations. To be eligible for this credit, a company must have a base year in which the company purchases more than $100,000 of agricultural products that have been certified as grown in South Carolina by the South Carolina Department of Agriculture (“SCDA”) and then must increase number of agricultural units purchased in the following year by at least 15% over base-year unit totals. The base-year unit amount will be re-calculated every year after the initial base year.
A company must submit an application to the Coordinating Council by no later than September 30 of the year following the year in which it increases purchases. Such application will be reviewed by the staff of the Coordinating Council and SCDA to determine eligibility. Based on the recommendation of SCDA the Coordinating Council will determine the amount of, and the type of any tax credit, the company will receive. The credit may not exceed $100,000 per taxpayer in any one year. The total amount of tax credits allowed to all qualifying companies is limited to $1,000,000 in 2019, $1,500,000 in 2020 and $2,000,000 in years thereafter. Any unused credits may be carried forward for 5 years.