Local And Job Development Incentives Pass S.C. General Assembly
Oct 05, 2018 09:34AM
By Kathleen Maris
In overriding a veto by Governor Henry McMaster, the South Carolina General Assembly voted to expand economic development credits aimed at recruiting professional services and office jobs, as well as support our local agriculture industry. This bill was the South Carolina Economic Developer’s Association’s (SCEDA) number one priority legislation for the 2017-2018 Legislative Session.
“These important enhancements will add another arrow into our economic developers’ quiver when it comes to attracting professional jobs to South Carolina and supporting our local agriculture industry,” said Mark Warner, SCEDA president and vice president of business development and marketing at Davis & Floyd. “We are grateful for the action of our South Carolina lawmakers and economic development professionals across our state who answered our call to action.”
SCEDA members worked over the past two years to promote these changes. Targeting the agriculture industry and high-paying professional jobs will benefit people across South Carolina, from urban to rural areas.
“This is the culmination of years of collaboration by our state’s economic development sectors – both public and private – to respond to the ever-changing competitive landscape as we work to further diversify our state’s already robust economy,” said Tushar Chikhliker, a SCEDA member who led SCEDA’s legislation drafting effort and an economic development lawyer at Nexsen Pruet.
More specifically, the bill makes modifications to the state’s primary discretionary incentive, Job Development Credits (JDCs), for professional services and office jobs. The state will now allow businesses engaged in such services to apply for JDCs, per the discretion of the South Carolina Coordinating Council.
These changes will go into action immediately. “Working to consistently improve our state’s economic development position is evidence of why South Carolina ranks number two in Area Development Magazine’s Top State for Doing Business rankings for State Government Cooperation and Responsiveness,” said Warner.