South Carolina's Enhanced Tax Credits for Small Businesses

[Ashish Acharya]

South Carolina has some important updates for small business owners. The Department of Revenue has increased vital tax credits that could benefit your business:

1. Abandoned Buildings Revitalization Credit: Raised from $500,000 to $700,000 per site annually, with an extended sunset provision until 2035. Amend your Notice of Intent to Rehabilitate by October 15, 2024, if needed. The updated Form TC-55 will be available in January 2025.
2. Apprenticeship Income Tax Credit: Enhanced benefits for businesses investing in workforce development.

These changes are valuable opportunities to reduce costs and invest in your business's future. Stay informed and take advantage of them!