A new South Carolina tax incentive geared toward increasing business through the state’s port system is now available.
Through the International Trade Incentive Program (ITIP), companies in the state that are involved in manufacturing, warehousing or distribution may apply for state income tax credits from an available pool of $8 million. The tax credits are aimed at bringing new investment to South Carolina, as well as rewarding existing companies for expanding their port business in the state.
‘This incentive works to make our state more competitive in attracting distribution centers and foreign investment,’ said Bernard S. Groseclose, Jr., president and CEO of the SC State Ports Authority. ‘At the same time, it encourages companies already here to increase shipments.’
South Carolina has the nation’s highest percentage of employment by foreign-based companies.
Companies that increased their port cargo volume by at least 5% from 2005 to 2006 and meet base cargo volume requirements are eligible to apply. The Coodinating Council for Economic Development will allocate the tax credits.