July 7, 2023

Income Tax Saving Opportunities For Your Business

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South Carolina tax credits provide small business owners with opportunities to maximize tax savings and reduce either Corporate or Individual Income Tax. Here are some credits to potentially explore:

  • Small Business Jobs Credit
    • Eligible businesses with 99 or fewer employees worldwide.
    • Increase employment in SC by at least two or more full-time jobs in a year.
    • $750 - $25,000 per employee, per year for 5 years.
    • Can reduce income tax liability by 50%.
    • 15-year carryforward.
  • Apprenticeship Credit
    • Eligible businesses who employ a DOL approved apprenticeship program.
    • $1,000 per apprentice, per year for 4 years.
    • Proposed state legislation seeks to raise the credit amount to $4,000.
  • Veteran/Formerly Incarcerated Individual Apprenticeship Credit
    • Eligible businesses who employ a DOL approved apprenticeship program.
    • Up to $3,000 per eligible employee, per year for 3 years.
    • Available for employees hired from January 1, 2022, to December 31, 2026.
  • Credit for Socially and Economically Disadvantaged Small Business
    • Businesses who have a contract with the state of South Carolina and who subcontract with a socially and economically disadvantaged small business are eligible for a credit.
    • 4% of the payments to the subcontractor.
    • The credit is limited to $50,000 per year and cannot exceed 10 years.

The State and Local Tax Experts of Elliott Davis are available to discuss eligibility and additional detailed information regarding these credits and how they can best benefit you and your small business. Please contact us for more information.

We Can Help

For more information on how Elliott Davis can assist you and your business, contact a member of our team.

The information provided in this communication is of a general nature and should not be considered professional advice. You should not act upon the information provided without obtaining specific professional advice. The information above is subject to change.

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