Anderson County offers a variety of economic incentives for the development of business and industry. The Anderson County Council generally offers incentive packages to new and existing businesses based on the investment amount, number of jobs created and average wages to be paid.
Property Valuation & Assessment Ratios
The value of real and personal property used in manufacturing operations is established by the South Carolina Department of Revenue. Assessment ratios are applied to the fair market value of real property and vary by classification set forth by State law.
Fee in Lieu of Property Taxes (FILOT)
Industries investing as little as $2.5 million in Anderson County may negotiate for a Fee-in-Lieu-of Property Taxes or FILOT which may result in savings of up to 40% of property taxes otherwise due.
Special Source Revenue Bonds (SSRB)/ Infrastructure Credits
In connection with a FILOT, the county (or municipality) may issue an SSRB or provide the industry with a FILOT credit, which allows the County to generate revenue for infrastructure that enhances the economic development of a project.
Multi-County Industrial Parks (MCIP)
Property Tax Abatement (County and Municipal) – Anderson County may enter into an agreement with an adjoining county to cause projects to be placed into a concept known as a “multi-county industrial park”. This enables Anderson County to offer the SSRB/Credits referred to above and provides the industry with a $1,000 per job jobs tax enhancement to existing job tax credits offered by the state legislation.
The Job Development Credit (JDC) are available through state legislation for qualified projects creating jobs in South Carolina. Eligible companies may retain up to five (5) percent of their employee’s state withholding for up to 10 – 15 years. The state legislation offers several other incentives that might be an option for an economic development project. It is best to discuss these with your Anderson County Economic Development representative for more information.
South Carolina’s Ready SC Training Program is one of the most comprehensive and successful programs in the US. Its structure and content serve as a model for other state programs throughout the country. If you are searching for an industrial or business site or represent an existing Anderson County industry or business considering expansion and need more information about incentives, contact The Anderson County Office of Economic Development.