Headquarters Relocation and Growth Fund
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill creates the "South Carolina Headquarters Relocation and Growth Fund" to provide grants to businesses that establish or expand corporate headquarters, regional headquarters, or shared service centers in South Carolina. To qualify for a grant, businesses must create at least 50 new full-time jobs, pay a minimum average wage, make a significant capital investment, and agree to specific performance targets. The Coordinating Council for Economic Development will administer the fund and oversee grant distribution, ensuring projects meet established criteria and include clawback provisions for failing to meet those targets.
Key provisions
- Creates the "South Carolina Headquarters Relocation and Growth Fund".
- Grants are awarded to businesses establishing or expanding headquarters.
- Qualifying businesses must create at least 50 new jobs.
- Minimum average wage requirement of 200% of the local county average.
- Requires a minimum capital investment of $10 million.
- Grants can cover relocation expenses, construction, IT infrastructure, and workforce training.
- Performance agreements with clawback provisions are required.
- Allows combining fund grants with existing incentive programs.
Who is affected
- Businesses
- Job Seekers
- Economic Development Organizations
- Local Governments (potentially through infrastructure improvements)
- The Coordinating Council for Economic Development
Bill text
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Sponsors
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1 on record
Primary sponsor
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