South Carolina law provides several property tax incentives designed to promote commercial, industrial, and mixed-use developments. By locating a facility on property that is designated as a “multi-county business or industrial park,” the taxpayer changes the property taxes on such property into a fee-in-lieu of taxes (“FILOT”). The change does not necessarily reduce the property tax with respect to the property located in the park without compliance with the additional requirements discussed in FILOTs and PILOTs or Infrastructure Credits. However, the business becomes eligible for greater jobs development tax credits and is also a candidate for funding qualifying infrastructure with special source revenue bonds.
Our lawyers pioneered the use of multi-county business parks to provide economic incentives for the development of tourism-related projects such as hotels and restaurants. In addition, we have worked on the largest industrial development project in South Carolina’s history, using economic development tools such as multi-county industrial parks and infrastructure credits.
The lawyers at Howell Linkous & Nettles are very experienced in establishing and negotiating the terms of multi-county business or industrial parks and related incentives on behalf of taxpayers and county governments. As with other economic development incentives, multi-county business or industrial parks are often combined with FILOTs, industrial revenue bonds, special source revenue bonds, State jobs and other tax credits, and infrastructure credits. Our attorneys can assist you with combining the appropriate incentives for your project.