The Swiss Army Knife of Economic Development

Unlock the hidden power behind South Carolina’s most versatile economic development tool...its "Swiss Army Knife" of incentives. 

While most developers and policymakers are familiar with property tax credits, few understand how this broad-ranging instrument can reshape development and funding strategies. In this episode of Stronger Bonds, Ray and Emily peel back the layers of the Special Source Revenue Credit (SSRC), revealing how it’s evolved from a cumbersome bond-based mechanism into a streamlined, flexible credit system that can accelerate growth in every corner of the state.

The Basics:

• South Carolina fee in lieu of tax (FILOT) overview, SC Department of Revenue: dor.sc.gov
• Multi-county industrial and business parks: S.C. Const. art. VIII, § 13(D)
• Special source revenue credit authority: S.C. Code §§ 4-29-68, 4-1-175, 12-44-70

Where we are seeing it:

• South Carolina Public Interest Foundation v. City of Columbia (Ct. App. 2020), student housing in a business park upheld
• Charleston County economic development incentives and multi-county park/housing fund use

The threat and the frontier:

• Proposed legislation to subject these credits or park revenue to school district approval (introduced last session; did not advance; verify current status)
• Transferable, monetizable credit concept: Parker Poe SCACA treatise, The Evolution of the Special Source Revenue Credit

Parker Poe - Government & Municipalities

Emily Luther

Ray Jones

Do you have a question, a topic idea, or a request? Please email us at StrongerBonds@parkerpoe.com.

Stronger Bonds is recorded and produced by Robby Woodard.