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The Lowcountry Economic Network & Alliance, is a public-private partnership whose primary purpose is to provide comprehensive business development and recruitment services to organizations looking to relocate or expand their business in Beaufort and Jasper counties and deliver quality jobs in a quality lifestyle.
The Network and Alliance's mission is " To promote and assist with quality, sustainable growth and economic development through an alliance with the private sector, creating career path opportunities and expanding the business tax base of Beaufort and Jasper counties. " The Lowcountry Economic Network & Alliance, a business development and recruitment network, is a fully connected resource that fosters & manages current and future economic prosperity while maintaining the Lowcountry’s atmosphere & lifestyle.
The goals of the Network & Alliance are to reduce the ever-growing burden of residential property taxes on the residents within the counties by strengthening and expanding the business tax base and to provide quality, value-added jobs for Beaufort and Jasper counties while promoting the region's sustainable and "green" lifestyle.
Effective to offset the property tax liability of manufacturers (normally pay 10.5% on all assets) or other commercial enterprises (normally pay 10.5% on personal property). A FILOT also locks the millage rate against future increases .
This incentive is often requested by investors seeking a FILOT. By being located within a MCIP, an investor is able to increase the value of its benefits under the State’s Job Tax Credit program (no liability to the County). In addition, location within an MCIP can increase infrastructure credit benefits
These credits may be offered in tandem with a FILOT or as a standalone incentive. Credits, which are taken against an investor’s property tax liability, may be utilized under State law to offset an investor’s qualifying infrastructure-related expenditures: including improvements to utilities serving a project site, real estate expenditures and costs relating to improving real estate.
A Job Development Credit (JDC) is a discretionary, performance-based incentive that rebates a portion of new employees' withholding taxes that can be used to address the specific needs of individual companies. JDCs are approved on a case-by-case basis by the S.C. Coordinating Council for Economic Development (CCED). To qualify, a company must meet certain business requirements and the amount a company receives depends on the company's pay structure and location.
The Job Tax Credit (JTC) is a statutory incentive offered to companies, both existing and new, that create new jobs in the state. The credit is available to companies that establish or expand corporate headquarters, manufacturing, distribution, processing, qualified service-related, research and development facilities. This credit is extremely beneficial for companies, because it is a credit against corporate income taxes, which can eliminate 50% of a company's liability.