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The Lowcountry Economic Network's 2009 Legislative Agenda

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The document outlines several policy recommendations to update South Carolina's economic development incentives. It suggests using average regional wage instead of per capita income to qualify areas. It also recommends lowering the minimum number of new jobs required for headquarters relocations to receive tax credits from 40 to 10% of payroll, and adding knowledge-intensive industries and sustainable development projects to the types of businesses eligible for incentives. At the local level, it recommends further identifying properties that can be offered to businesses, tailored business license fees, and fast-tracking permits for green building projects.

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Lowcountry Economic Networks Legislative Agenda for the 2009 Session
Suggested State Policy Changes
Qualifying Criteria Per Capita Income: ED qualification criteria is based on Per Capita Income. Beaufort County is highest in the state ($39,308), S.C. ($29,688) Recommendation: Use Average Regional Wage More accurately conveys income standing of the working population
Qualifying Criteria Beaufort County Average Regional wage Weekly $579 Hourly $14.48 Calculation: Central county weighted and averaged with adjoining counties in the region. Only looks at private sector employment, does not include government numbers.
Headquarters S.C. Job Creation Qualifications: Minimum of 40 new HQ jobs created must earn 2 times state per capita income to receive tax credits S.C. Recommendations: Minimum 10% of corporate payroll dedicated to HQ employees who earn 2 times state PCI Company still has to meet capital investment requirements
Jobs Tax Credit Types of Qualifying Business A business must be engaged in manufacturing, processing, tourism, warehousing, banking, distribution, or research and development, or must be a qualifying service-related facility, a corporate office facility, extraordinary retail establishment, or a technology intensive facility. A retail facility or service related industry (a) located in a distressed county or a least developed county or (b) for tax years beginning after 2007 located in an underdeveloped county not traversed by an interstate highway may also qualify for the credit. The statute contains definitions of manufacturing facility, processing facility, warehousing facility, distribution facility, research and development facility, corporate office facility, qualifying service-related facility, tourism facility, technology intensive facility, and extraordinary retail establishment.
Incentives for Knowledge-Intensive Industry Recommendations Add a knowledge-intensive business to definition of types of qualifying business: An establishment that is primarily dependant upon the professional and intellectual expertise of its workforce and the translation and distribution of its product to various markets. These companies include the healthcare, computer and information technology, architecture, business and financial operations, arts and design sectors.
Incenting Sustainable Development S.C. Recommendations Add tax credit to MCIP for companies whose new construction meets LEED and Energy Star standards. Value credit based on level of green building certification
Local Policy Changes
Local Action Recommendations: Further denote properties under municipal and county control that can be offered to relocating businesses. Create business license fee programs that fit the countys four economic development focus areas.
Local Action Recommendations Fast track building permit process for commercial and industrial projects that intend on meeting either LEED or Energy Star certifications Consider sustainable development bonuses on height and density for projects that meet LEED and Energy Star standards
Local/State Breakdown Qualifying companies Headquarters relocation Incenting sustainable development Incenting knowledge-intensive industry State action State and local action Local action State action

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The Lowcountry Economic Network's 2009 Legislative Agenda

  • 1. Lowcountry Economic Networks Legislative Agenda for the 2009 Session
  • 3. Qualifying Criteria Per Capita Income: ED qualification criteria is based on Per Capita Income. Beaufort County is highest in the state ($39,308), S.C. ($29,688) Recommendation: Use Average Regional Wage More accurately conveys income standing of the working population
  • 4. Qualifying Criteria Beaufort County Average Regional wage Weekly $579 Hourly $14.48 Calculation: Central county weighted and averaged with adjoining counties in the region. Only looks at private sector employment, does not include government numbers.
  • 5. Headquarters S.C. Job Creation Qualifications: Minimum of 40 new HQ jobs created must earn 2 times state per capita income to receive tax credits S.C. Recommendations: Minimum 10% of corporate payroll dedicated to HQ employees who earn 2 times state PCI Company still has to meet capital investment requirements
  • 6. Jobs Tax Credit Types of Qualifying Business A business must be engaged in manufacturing, processing, tourism, warehousing, banking, distribution, or research and development, or must be a qualifying service-related facility, a corporate office facility, extraordinary retail establishment, or a technology intensive facility. A retail facility or service related industry (a) located in a distressed county or a least developed county or (b) for tax years beginning after 2007 located in an underdeveloped county not traversed by an interstate highway may also qualify for the credit. The statute contains definitions of manufacturing facility, processing facility, warehousing facility, distribution facility, research and development facility, corporate office facility, qualifying service-related facility, tourism facility, technology intensive facility, and extraordinary retail establishment.
  • 7. Incentives for Knowledge-Intensive Industry Recommendations Add a knowledge-intensive business to definition of types of qualifying business: An establishment that is primarily dependant upon the professional and intellectual expertise of its workforce and the translation and distribution of its product to various markets. These companies include the healthcare, computer and information technology, architecture, business and financial operations, arts and design sectors.
  • 8. Incenting Sustainable Development S.C. Recommendations Add tax credit to MCIP for companies whose new construction meets LEED and Energy Star standards. Value credit based on level of green building certification
  • 10. Local Action Recommendations: Further denote properties under municipal and county control that can be offered to relocating businesses. Create business license fee programs that fit the countys four economic development focus areas.
  • 11. Local Action Recommendations Fast track building permit process for commercial and industrial projects that intend on meeting either LEED or Energy Star certifications Consider sustainable development bonuses on height and density for projects that meet LEED and Energy Star standards
  • 12. Local/State Breakdown Qualifying companies Headquarters relocation Incenting sustainable development Incenting knowledge-intensive industry State action State and local action Local action State action