SCbio Supports SC Commerce Focus on Life Sciences as Key Business Sector for State Growth

SCbio has reiterated its support of the South Carolina Department of Commerce in recognizing the life sciences industry as a key business sector for economic growth in the Palmetto State.

Through data-driven research, S.C. Commerce has identified the life sciences as one of the long-term areas of focus to enhance economic prosperity.

“The work of SC Commerce makes it clear that when investments are made in South Carolina’s life sciences industry, they will pay off for our residents and economy,” SCbio President and CEO James Chappell said in January.

He added, “The life sciences industry makes South Carolina competitive - it is creating high-wage jobs, developing breakthrough treatments and technologies, and attracting top talent with its acclaimed academic and research institutions.”

“South Carolina is advancing the future as the new home of American innovation,” said Secretary Harry M. Lightsey III. “Driven to create long-term opportunities for the people who call our state home, S.C. Commerce is actively diversifying its industry portfolio by targeting sectors such as life sciences. Our message to life sciences companies is that South Carolina is the place to be from Launch to Legacy!”

The comments were echoed Feb. 7, 2024, at the Hyatt Regency Greenville as several hundred industry leaders, biotech and pharma executives, medical device and medtech innovators, digital health experts, educators and life sciences supporters gathered for the 2024 SCbio Annual Conference.

Robert Coughlin, managing director of JLL and former CEO of MassBio, recounted his son’s struggle with cystic fibrosis, and how a Vertex Pharmaceuticals drug saved his son’s life.

Sarah Kleinpeter. vice president/Alzheimer's Disease for Novo Nordisk, detailed how dramatic progress is being made and why there is now real hope to prevent and even reverse Alzheimer’s Disease and cognitive decline.

Gov. Henry McMaster, who attended the conference, has made life sciences a top state priority and said officials will work to grow and expand the industry in the Palmetto State.

SCbio is South Carolina’s investor-driven economic development organization exclusively focused on building, advancing, and growing the life sciences industry in the state.

SCbio represents more than 1,000 organizations employing more than 87,000 professionals across the state and supports and advances organizations in multiple arenas including pharmaceuticals, medical devices and equipment, digital health, research and medical labs, bioscience distribution, bio-ag and more.

For additional information about SCbio and the life sciences industry, go to www.SCbio.org.

SC Manufacturers Alliance Outlines 2024 Legislative Priorities

The South Carolina Manufacturers Alliance (SCMA) recently outlined its legislative agenda and priorities for 2024.

The agenda, developed and approved by South Carolina manufacturing leaders who serve on the SCMA board of directors, consists of six policy topics essential for strengthening and maintaining a pro-manufacturing environment in the Palmetto State.

The areas of focus include:

Workforce Development and Education

Tax and Economic Development

Legal Reform

Environmental Policy

Energy Policy

Infrastructure.

Full details of the SCMA’s 2024 legislative agenda can be viewed here.

“Manufacturers have led the way in economic growth and prosperity by making historic investments and job creation in South Carolina,” said Sara Hazzard, president and CEO of the South Carolina.

She added, “This is due to our pro-business environment, Team SC approach to economic development, and skilled and ready workforce who thrive in highly technical careers. SCMA’s legislative agenda serves as a strategic blueprint for the policies manufacturers in South Carolina will need to continue propelling the Palmetto State into the future.”

Recent South Carolina manufacturing facts include:

* An annual economic impact of more than $206 billion.

* 30 percent of South Carolina jobs are tied to the industry.

* Site Selection Magazine named South Carolina the #1 State for Manufacturing in 2023.

* More than 41,000 new jobs in manufacturing have been announced since 2020.

* More than $22 billion in capital investments have been announced since 2020.

* Manufacturing provides a significant tax base – 38 percent of the state’s General Fund comes from manufacturing.

* More than 6,000 manufacturing facilities operate in South Carolina.

* South Carolina manufacturing jobs pay well with a 33 percent higher pay rate than the state average.

Greer Innovation Program Awarded State Grant

The Platform at Greer is among 14 recipients of a grant designed to grow South Carolina’s innovation economy. 

The S.C. Department of Commerce announced the 2024 Relentless Challenge Grant recipients.

The Platform at Greer is an entrepreneurial  support initiative powered by the City of Greer’s Economic Development team and its partners at BlueInc Strategies.  

The Platform’s signature program, Bootcamp, is a well-established asset in the Upstate’s entrepreneurial ecosystem.

Support from the Relentless Challenge Grant will help create a statewide pipeline of small-to-medium sized companies looking to bring a new product or  service to the market. 

“While our program is physically located in Greer,” said Economic Development Director Reno Deaton, “our goal is to become the city where businesses from across the state come to get intense training and learn innovation strategies they can take back to their home communities.” 

The Platform at Greer will work closely with the Existing Industry team from the S.C.  Department of Commerce and entrepreneurial support organizations from across the state to accomplish the goals of the grant. 

Bootcamp is a two-day workshop supported by corporate partners who are actively  involved in the program.

Accepted businesses work one-on-one with expert coaches to  identify customer pain points, ideate a solution, and validate the market for their solution. 

Officials said The Platform’s February Bootcamp cohort is full, but businesses may apply for spots in the May and October sessions.

IRS Employer-Provided Childcare Tax Credit Page Helps Employers Determine Eligibility For Up To $150,000 Business Tax Credit

The Internal Revenue Service launched a new page on IRS.gov explaining the Employer-Provided Childcare Tax Credit, an incentive for businesses to provide child care services to their employees.

“This business tax credit helps employers provide their employees with child-care services and facilities,” said IRS Commissioner Danny Werfel. “We’ve heard that some employers may be overlooking this important credit, so the IRS has created a new one-stop shop for information on IRS.gov that provides an easy place to learn more.”

The information is available at irs.gov/employerchildcare or by searching “employer child care.”

The tax credit is designed to help employers cover some of the qualified child care facility and resource and referral expenditures associated with providing child care services to their employees.

A qualified child care facility is one that meets the requirements of all applicable laws and regulations of the state or local government in which it is located.

The credit is limited to $150,000 per year to offset 25 percent of qualified child care facility expenditures and 10 percent of qualified child care resource and referral expenditures.

Employers should complete Form 8882, Credit for Employer-Provided Child Care Facilities and Services, to claim the credit for qualified child care facility and resource and referral expenditures.

The credit is part of the general business credit subject to the carryback and carryforward rule. That means employers may carryback unused credit one year and then carryforward 20 years after the year of the credit.

Taxpayers whose only source for the credit is from pass-through entities can report the credit directly on Form 3800, General Business Credit.

The Employer-Provided Childcare Tax Credit homepage on irs.gov has more information about claiming the credit, including the requirements for qualified child care expenditures and qualified child care facilities.

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