Big plans for business require captial to execute Financing and incentives can help businesses expand their product and service offerings by increasing operating capital or through the acquisition or upgrading of assets, inventory, facilities, and equipment. There are numerous local agencies with a variety of capital assistance programs available. The City of Columbia will work with you and your business to determine what financial resources are available to help you grow and expand your business.
Additionally, the State of South Carolina provides a number of incentives for businesses to take advantage of, which include but aren't limited to:
•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 •A 5% corporate income tax rate •Fee in Lieu of Taxes (FILOT) •SC Corporate Income Tax Credit •SC Jobs Tax Credit •SC Corporate Headquarters Credit •SC Property Tax Exemption •Tax credits on new production equipment •Tax credits on research and development facilities