Business Environment
Columbia Fuel Cell District
In 2007, the City of Columbia established a "Fuel Cell District" in Columbia's City Center. The district was developed to provide incentives to both hydrogen and fuel cell industry partners, but also to residential and commercial property owners to support the deployment of alternative energy technology.
Empowerment Zone
Small businesses located in the Empowerment Zone can reduce their tax liabilities taking advantage of valuable tax credits/incentives and bonds. These tax credits/incentives are EZ Wage Credit, Welfare to Work, Work Opportunity Tax Credit, Section 179 Deduction, New Market Tax Credits and EZ Facility Bonds.
Alternative Energy Incentives
State programs to support clean energy and knowledge-based business growth:
- Clean Green Industry Program – $3 million for clean energy companies in or moving to South Carolina
- Renewable Energy Grant Program - $3 million for renewable energy projects in South Carolina
- Hydrogen Infrastructure Development Fund - $15 million in state funding to support hydrogen and fuel cell commercialization & infrastructure developments
- R&D Tax Credit - Five percent tax credit for qualified research & development expenditures by companies
Knowledge Economy Legislation
South Carolina supports innovation and the knowledge-based economy with specific legislative support.
- Innovation Centers Act - Targeted financial support for alternative energy and other knowledge-based company formation, relocation, or collaboration
- Industry Partnership Fund – Creation of a target program of excellence in hydrogen and fuel cells in South Carolina with funding allocated to commercialization.
- Hydrogen Infrastructure Development Act - $15 million in state funding to support hydrogen and fuel cell commercialization in South Carolina
- Venture Capital Investment Act - $50 million fund venture capital backing of technology-based start-up companies in South Carolina