Operational Advantages

Taxes & Incentives

With one of the lowest corporate tax rates in the nation, highly competitive wages for workers and low unionization, it’s no wonder South Carolina is consistently ranked among the most business-friendly states in the U.S. In addition, South Carolina offers a wealth of opportunities so that businesses can maintain low operating costs as well as a variety of customized incentive programs to meet the needs of any company.

Highlights

• 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
• Favorable corporate income tax structure

Find more information on discretionary incentives, statutory incentives, and the tax structure from the SC Department of Commerce.

Property Tax

• In South Carolina, only local governments levy property taxes
• A local millage rate is applied to assessed value to determine total annual tax amount by the local governments

Customized Incentives

Greenwood County offers a variety of economic incentives for the development of business and industry. Depending on the type of business establishment, number of jobs, capital investment, location of the project, and other factors affecting the project, additional incentives may be available from either the state or local government. Some of the economic incentives offered include:

• Property Valuation and Assessment Ratios
• Fee-in-Lieu-of Property Taxes (FILOT)
• Special Source Revenue Credit (SSRC)
• Property Tax Abatements
• State Incentives
• Workforce Training Incentives
• Multi-County Industrial Park
• New Markets Tax Credit Program (NMTC)

Low Cost of Living

The overall cost of living index in Greenwood, SC, is 83, which is 13% lower than the South Carolina average and 17% lower than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Greenwood, SC, are 7% lower than the South Carolina average and 6% lower than the national average.

Competitive Utility Costs

Greenwood Commissioners of Public Works (Greenwood CPW) is a primary utility partner, providing electricity, natural gas and water to thousands of customers within Greenwood County. A survey compiled semi-annually by the South Carolina Association of Municipal Power Systems shows that in January 2015 and July 2015, CPW had the lowest utility rates per KWH, compared to other municipalities that supplied information.

According to ElectricityLocal.com, the average residential electricity rate in Greenwood is 20.12% less than the national average rate of 11.88¢/kWh. The average commercial electricity rate in Greenwood is 10.11% less than the national average rate of 10.09¢/kWh. The average industrial electricity rate in Greenwood is 9.6% less than the national average rate of 6.67¢/kWh. Industrial rates in the U.S. range from 4.13¢/kWh to 30.82¢/kWh.

In South Carolina, Duke Energy customers enjoy some of the lowest utility rates in both the State and nation.  As the nation’s largest investor-owned utility, Duke Energy’s internal strength of scale allows for quick energy recovery in times of natural disaster, and robust economic development strategies to support South Carolina growth needs.   Coupled with our  State’s pro-business climate, offering low startup/operating costs,  nationally acclaimed workforce training programs, and very affordable living  – the partnership makes South Carolina a great place for businesses to call home.

Environmental Resources

Land use in the county is about 25% urban and 75% forested. It is bordered on the north by Lake Greenwood, an impoundment of the Upper Savannah River, and to the south by the Sumter National Forest. Three watersheds fall within the county: Upper Savannah, Saluda, and Stevens.

Air Quality: In South Carolina, our citizens are fortunate that they have enjoyed good air quality for years. Currently, the State of South Carolina is designated attainment for all of the National Ambient Air Quality Standards. In addition, Greenwood County is part of the Upstate Air Quality Coalition that is facilitated by Ten at the Top.  Ten at the Top (TATT) was initially formed in 2005 in order to educate business leaders, elected officials, and residents on the value of fostering regional collaboration and cooperation within the 10-county Upstate (Abbeville, Anderson, Cherokee, Greenville, Greenwood, Laurens, Oconee, Pickens, Spartanburg, and Union Counties). TATT closely follows air quality issues and is engaged in air quality at the local level, and has convened a 42-member Upstate Air Quality Advisory Committee.