Companies choosing our city benefit from some of the most beneficial tax rates and incentive options in the nation, including:
Growth incentives area investment into the economic future of our City. They must be targeted towards the needs of business and local developments that will support the surrounding communities by way of capital investment, job creation, infrastructure improvements, and amenities to support public needs. The City of Columbia offers a variety of programs and assistance to support business and community growth.
In South Carolina, property taxes are levied at the local level, and a company’s tax liability is a function of the property value, assessment ratio, and millage. Property tax exemptions called an abatement can be made available to manufacturing, research/development, corporate headquarters, office, and distribution facilities meeting certain requirements. Property tax incentives can be offered at the discretion of local governments, and companies may be able to negotiate a Fee-in-Lieu (FILOT) or property taxes, which can reduce their liability.
To encourage growth in taxable, commercial development, the City of Columbia and Richland County have partnered to offer a tax incentive for mixed-use development projects creating $30 million or more in taxable development to help offset the costs of associated public infrastructure costs such as traffic or right-of-way improvements, utility relocations and structured parking.
Economic development grants can be used to provide funding to eligible projects based on job creation, capital investment and targeted industry types. Funding is limited and discretionary, and determinations are made on a case-by-case basis.
The City of Columbia works to increase job creation and retention by supporting small business development and entrepreneurship with loan programs such as our Commercial Revolving Loan Fund and Commercial Retention & Redevelopment Forgivable Loans. For more information, please visit the Office of Business Opportunities.
5%
one of the lowest tax rates in the southeast
Zero
inventory and state property tax
100%
capital gains tax exemption for opportunity zone investments of 10+ yrs
#1
state for incentive programs
Through a partnership between the State of South Carolina and the SC Technical College System, there are highly renowned programs that can help recruit and train talent to meet the needs of any company.
With 8 zones in the city, businesses, investors and developers will find properties that range from the east coast’s largest downtown redevelopment project to commercial buildings and acreage with easy access to interstates.
Opportunity Zone Benefits
Investor benefits include these capital gains tax reductions: