South Carolina says tax incentive aims to boost port
South Carolina has unveiled a new tax credit it says is geared toward increasing business through the state’s port system.
Under the International Trade Incentive Program, companies in the state that are involved in manufacturing, warehousing or distribution may apply for state income tax credits from an available pool of $8 million. The tax credits are aimed at bringing new investment to South Carolina, as well as rewarding existing companies for expanding their port business in the state.
'This incentive works to make our state more competitive in attracting distribution centers and foreign investment,' said Bernard S. Groseclose Jr., president and chief executive officer of the South Carolina State Ports Authority. 'At the same time, it encourages companies already here to increase shipments.'
Companies that increased their port cargo volume by at least 5 percent from 2005 to 2006 and meet base cargo volume requirements are eligible to apply.
The state's Coordinating Council for Economic Development will allocate the tax credits.
The port authority said information and applications are available
online at http://www.scspa.com/business/ITIP.asp. The application deadline is March 1.
North Carolina has since the early 1990s offered tax credits to customers of the North Carolina State Ports at Morehead City and Wilmington who are subject to payment of North Carolina income taxes.
The tax credit is earned on cargo wharfage and handling fees (in or out) charged by the state port authority.