The State Job Development Credit is a valuable incentive that is a quarterly cash refund of employee withholding tax. The incentive is generally available for 10 years. JDCs require application by the company and is a discretionary incentive, rather than a statutory incentive. If approved by the state's Coordinating Council for Economic Development, the credits start once a company meets its jobs and investment goals.
Job Development Credit Program Eligibility Criteria
- Minimum of 10 new jobs with healthcare benefits;
- Positive cost/benefit analysis;
- Company financially viable and creditworthy;
- Wages for new jobs equal or above county per capita ($14.65/hour in 2010);
- $4,000 application fee and $500 annual renewal fee;
- Approval by SC Coordinating Council for Economic Development.
Job Development Credit Potential Value
- Up to 2-5% rebate of employee's wages subject to SC withholding;
- 55-100% of maximum, depending on county status;
- Capped At: Value of eligible capital costs;
- Eligible Costs:
- Utility system upgrades;
- Fixed transportation facilities;
- Real estate (site/building improvements);
- Manufacturing pollution control equipment;
- Approved training costs - Employee relocation expenses for technology intensive facilities, R&D and certain corporate headquarters.