If your South Carolina business buys South Carolina agricultural products, you’ll want to listen to this.
The deadline for this tax credit is fast approaching.
South Carolina provides a possible income tax credit or withholding tax credit to agribusiness or agricultural packaging operations that increase their purchases of products grown in South Carolina.
Here’s how it works:
- The company must have a base year in which it purchases more than $100,000 of agricultural products that have been certified as grown in South Carolina
- Then, it must increase the number of agricultural units purchased in the following year by at least 15% over base-year unit totals.
This doesn’t have anything to do with the Certified South Carolina Program; our agency is simply required to certify the products as being grown here.
This is a great opportunity for a range of South Carolina businesses that want to benefit from their use of locally grown products and materials.
Even for companies that don’t qualify for this credit, we always urge them to buy local. And we’re here to help.
Applications for the tax credit must be submitted no later than September 30th!
For more information about the credit, please visit scagribusiness.com.