Originally passed in 2013, The High Growth Small Business Job Creation Act, affectionately known as the South Carolina Angel Tax Credit, gave investors a state income tax credit of up to 35% of the amount they invested in eligible SC-based companies. The tax credit was a huge success, resulting in over 290 South Carolina companies attracting more than $100 million of qualified investments, which ultimately helped created or sustain more than 1,200 high-paying jobs.
Unfortunately, the tax credit’s original sunset date of Dec. 31, 2019 came and went without an extension. VentureSouth, along with many other organizations who understand the importance of supporting our burgeoning entrepreneurship ecosystem, worked closely with our state’s leaders to convey how important this tax credit is to our state.
We are thrilled to announce that on May 26, Governor McMaster signed into law the extension of the South Carolina Angel Tax Credit, allowing residents and non-residents to receive an income tax credit for investing in high-growth, high-impact South Carolina startups for the next six years! This is a huge win for South Carolina and could not have come at a more important time as our state’s entrepreneurs are battling new market challenges brought on by the coronavirus epidemic.
Many people and organizations worked hard to get this done, but we wanted to express our sincere gratitude to Jason Zacher, Senior VP of Business Advocacy for the Greenville Chamber, and the team of Sunnie Harmon and John DeWorken of SUNNIE & DeWORKEN. Their collective understanding of the tax credit’s importance played a critical role in navigating the process and gaining the bipartisan support needed to pass this highly impactful legislation.
Finally, we especially would like to thank the people listed below. The proactive leadership these legislators exhibited epitomized what it means to be a public servant, especially in trying times. Our state’s entrepreneurs owe a significant amount of gratitude for their instrumental role in getting this across the finish line.