South Carolina New Jobs Credit
Keeping up with the ever-changing eligibility guidelines and filing requirements can be overwhelming. Leave the heavy lifting to our team of tax incentive experts. Take these time-consuming tasks off your plate :
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Ensuring your client is matched with the credits and incentives that are most appropriate for their needs
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Collecting necessary data and documentation and completing complex calculations
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Create an audit-ready tax incentive package that clearly identifies each key component of the calculation and supporting documentation
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In order to qualify, companies must create and maintain a certain number of net new jobs in a taxable year. The number of new jobs is calculated as the increase in the average monthly employment from one year to the next.
Alpharesults works with small to medium sized businesses and their CPA firm to apply for the credit.
Number of New Jobs to Qualify:
Generally, the required new job creation minimum is 10 new full-time jobs (average monthly headcount compared to the prior year). However, Hotels and Motels require at least 20 new full-time jobs and certain Qualifying Service-related facilities must create 25 to 175 new full-time jobs. Professional Sports Teams must create 150 new full-time jobs.
If the taxpayer has less than 100 employees worldwide, the required new job creation minimum is 2 new full-time jobs.
South Carolina New Jobs Tax Credit Eligibility Guidelines
The Job Tax Credit is available to a business or to its headquarters engaged in any of the following industries:
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Manufacturing
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Telecommunications
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Warehousing and Distribution
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Research & Development
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Processing (data, information, software)
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Tourism
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Broadcasting
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Services for elderly and handicap
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Amount of the Tax Credit:
The amount of the credit per new job created depends on the SC County Tier Ranking:
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Tier IV - $25,000 per new full-time job created
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Tier III - $20,250 per new full-time job created
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Tier II - $2,750 per new full-time job created
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Tier I - $1,500 per new full-time job created
Example: ABC Company operates a warehousing facility in a Tier IV county. The company created 12 new full-time jobs in 2021. ABC Company has a $300,000 credit per year for five years starting in 2022. This total credit over five years amounts to $1,500,000, assuming they maintain the new full-time jobs.
