Oconee County Incentives & Taxes

Whether expanding your business or relocating, Oconee County is ready to offer a competitive range of incentives and tax benefits tailored to your project's unique needs. These include property tax abatements and fee-in-lieu-of-tax (FILOT) agreements, that make doing business here more cost-effective. Each incentive package is carefully customized to maximize the value of your specific project.

Click here to learn about Oconee County's Opportunity Zones

South Carolina Incentives & Taxes

South Carolina has earned a stellar reputation as a premier business destination thanks to its pro-business climate, which is designed to help companies control costs and boost return on investment. The state's performance-based tax incentives reward businesses for job creation and capital investment, offering a significant advantage for businesses located here.

Look below for some key statewide tax benefits.

Local Incentives & Taxes

Fee-In-Lieu of Tax Agreement (FILOT)

  • Oconee County offers FILOT agreements that last 20-30 years, providing businesses with a fixed assessment rate of 6% and millage rate on land, building, and equipment investments made during the project's first five to ten years.
  • This agreement freezes the building's value at the start of the term, preventing reassessment over the FILOT period.
  • Equipment is depreciated on the standard manufacturing schedule, adding further savings.

Special Source Revenue Credit (SSRC)

  • Companies may also qualify for Special Source Revenue Credits (SSRC), an additional property tax credit that can be applied against annual FILOT payments or ad valorem (standard) property taxes.
  • These credits typically range from 25%-50% with a term of 5-15 years, offering further reductions to your property tax burden.

County-Owned Land at Reduced Rates

  • Oconee County can provide land at its industrial sites at a significantly reduced rate or, in some cases, at no cost, depending on the overall incentive package, allowing businesses to get prime real estate at a fraction of the typical cost.

Statewide Incentives & Taxes

Corporate Tax Rate

  • South Carolina's corporate income tax rate is a low 5%, making it one of the most competitive in the Southeast.

No State Property Tax

  • Businesses benefit from South Carolina's absence of a state property tax.

No Local Income Tax

  • There is no local income tax, reducing the cost of doing business.

No Inventory Tax

  • Companies don't pay taxes on inventory, offering significant savings for businesses with large stock.

No Sales Tax on Manufacturing Inputs

  • Businesses are exempt from sales taxes on manufacturing machinery, industrial power, and materials used in finished products.

No Wholesale Tax or Unitary Tax on Worldwide Profits

  • These exemptions further reduce a company's tax burden, particularly for those with international operations.

For more details on how South Carolina's incentives and tax structures can work for your business, check out the state's comprehensive Incentive Guides for Business, Manufacturing, and Services. You'll find detailed information on statutory tax credits, sales and use tax incentives, local property tax and incentives, and discretionary programs that can be tailored to fit your project's needs.

Let the Oconee Economic Alliance and South Carolina work together to help your business thrive.