76 businesses qualify for investment under state’s ‘High Growth’ Act
Source: Charleston Regional Business Journal
February 6, 2015
Since the inception of the High Growth Small Business Job Creation Act, 76 businesses that meet the law’s guidelines have registered with the S.C. Secretary of State’s office.
S.C. Secretary of State Mark Hammond, in his annual report on the law’s impact, added that 50 of these businesses have registered in the past year, “demonstrating increased awareness of the benefits of the Act.”
The law was enacted in June 2013 to promote economic growth by encouraging angel investors to invest in early stage, high-growth businesses. Under the act, an angel investor may be entitled to a tax credit of 35% in qualified investments in businesses that meet the law’s standards.
The qualified businesses, located throughout South Carolina, reported creating 315 full-time, part-time and temporary jobs, representing a year-over-year increase of 215 jobs.
In addition, the businesses have raised $63.3 million in capital and categorized nearly $11 million in capital as qualified investments, Hammond’s office added.
“I am pleased to be a part of this tax credit program as it continues to grow,” said Hammond. “Programs like the High Growth Small Business Job Creation Act demonstrate South Carolina’s commitment to maintaining a business-friendly environment and attracting innovative businesses that create high-paying jobs.”
Angel investors interested in receiving a tax credit for investing in a qualified business may file an application with the S.C. Department of Revenue. An angel investor credit application can be found on the Revenue Department’s website.