South Carolina’s General Assembly renewed the 2013 High Growth Small Business Job Creation or “Angel Investor” Act earlier this week until 2025.
The act offers tax credits of up to 35% of the investment to start-up investors, according to a recent announcement from the S.C. State Secretary Mark Hammond. Hammond’s office, which approves all businesses for the program.
“Since the High Growth Small Business Job Creation Act originally passed, nearly 300 companies have registered as qualified businesses, with over 90 registered at the end of 2019,” Hammond, said in the release. “Furthermore, these qualified businesses have reported creating over 1,200 full-time, part-time and temporary jobs. I am thrilled that our state has continued this program that promotes innovation and entrepreneurship, especially during this time of economic uncertainty.”
Qualifying businesses must be a corporation, limited liability company, general or limited partnership headquartered in South Carolina with 25 or fewer employees and a gross income of $2 million or less, according to the release.
Program preference is extended to certain types of enterprises within the manufacturing, processing, warehousing, wholesaling, software development, information technology service, research and development, and health care sectors.