Pickens County offers performance-based incentives based on several factors, including the number of jobs a company creates, the wages of those jobs and the amount of capital a company invests.
5 Year Partial Abatement of Taxes
South Carolina law entitles manufacturers (investing $50,000 or more) and distribution or corporate headquarters facilities (investing $50,000 or more and creating 75 new jobs in Year 1) a five-year property tax abatement from the operating portion of county property taxes.
This abatement usually represents an offset of up to 20% to 50% of the total millage, depending on the county. The abatement does not include the school portion of the local millage. In 2011, a partial abatement of property taxes would result in an approximate 25% savings of the total millage.
Statutorily, the partial abatement of property taxes is only available for 5 years. In Year 6, the abatement terminates, and the property is taxed at the millage rate in effect at that time.
Fee-in-Lieu of Property Taxes
Under this program, companies making substantial capital investments may negotiate a lower assessment ratio and stabilize millage rates for up to 30 years. The long-term savings of the FILOT is based on the actual investment and is dependent on both the assessment and millage rates negotiated with the county. In Pickens County, all FILOT must be approved by the county council.
In South Carolina, the law allows a county to negotiate a FILOT agreement if total capital investment is $2.5 million or greater. The law requires that the company meet the investment threshold within 5 years and the county can offer an additional five-year extension to complete the project.
The company may include both real and personal property under the FILOT agreement. Property that has previously been on the state's tax rolls, including existing buildings, is not considered eligible for the FILOT. (This restriction is waived for companies investing an additional $45 million or more in new investment.)
Pickens County is fortunate to own a fully utility served, class A industrial park as well as numerous industrial sites.
Infrastructure Development Cost Relief
In concert with our utility partners, Duke Energy, Blue Ridge Electric Cooperative and AT&T, utility cost relief can be availed.
By its very nature, Pickens County's government is very fiscally conservative and believes that it is the responsibility of government to stay of the way of business.
Pickens County understands the need for companies to move quickly and permitting is completed expeditiously. For example, when recently asked by a new company relocating to the area to turn a building permit within 24 hours, Pickens County exceeded the company's expectations by delivering the permit in only 20 hours.