SC Commissioner Weathers: Tax Credits Available for Purchasing SC Farm Products
South Carolina businesses may be eligible for a tax credit for increasing their use of products grown in South Carolina! SC Ag Commissioner Hugh Weathers is here to tell us more.
- We are trying to get the word out about a state tax credit that may apply to some agribusinesses.
- South Carolina provides a possible income tax credit or withholding tax credit to agribusinesses and agricultural packaging operations that increase their purchases of products certified as grown in South Carolina by our department.
- To be eligible for this credit:
- The company must have a base year in which the company purchases more than $100,000 of agricultural products that have been certified as grown in South Carolina
- The company must increase the number of agricultural units purchased in the following year by at least 15% over base-year unit totals
- Membership in the Certified South Carolina Program is not required.
- An individual taxpayer may not be awarded a credit in excess of $100,000 during any calendar year, and the maximum amount of tax credits allowed to all qualifying taxpayers may not exceed $2,000,000.
- Applications are due before September 30.
- Agribusiness remains the No. 1 industry in the state, so some of your listeners may qualify for this important credit.
- For more information about the credit, please visit scagribusiness.com.