South Carolina New Jobs Credit

NEW JOBS CREDIT: For qualifying employers that create and maintain 10 or more full-time jobs. This credit is limited to 50% of your tax liability. (TC-4)

Qualifying taxpayers can take a credit against South Carolina Individual Income Tax, Corporate Income Tax, Bank Tax, or Insurance Premium Tax for creating new jobs in South Carolina. The credit is limited to 50% of the tax liability.

Qualifying businesses:

To qualify, a taxpayer must operate one of the following:

manufacturing facility

tourism facility processing facility

agricultural packaging facility

warehousing facility

distribution facility

research and development facility

corporate office facility

qualifying service-related facility

agribusiness operation

extraordinary retail establishment

professional sports team

qualifying technology intensive facility

bank retail facility (only if located in a Tier IV county)

service-related industry (only if located in a Tier IV county)

Job requirements:

Generally, taxpayers must increase employment by at least 10 new full-time jobs during a year to qualify for the credit. Hotels and motels must create at least 20 new full-time jobs to qualify. Certain qualifying service-related facilities must create 25 to 175 new full-time jobs, depending on the average cash compensation, to qualify. See the definitions below for more information.