South Carolina’s Economic Development Legislation

Economic Development Bond Act

The Economic Development Bond Act of 2002 enhanced the S.C. Department of Commerce’s recruitment efforts by creating funding opportunities for economic development projects in South Carolina.

Research Centers of Economic Excellence Act (Endowed Chairs)

In 2001, the General Assembly adopted the Research Centers of Economic Excellence initiative, which sets aside lottery funding for endowed chairs at the three research universities in areas that can impact economic development.

Research Infrastructure Bond Act

In 2004, the South Carolina General Assembly adopted the Research University Infrastructure Bond Act which provided approximately $220 million in research infrastructure funds for the three research universities. The Act enhances the ability for Clemson University and the other research universities to partner with the private sector to develop research infrastructure and promote economic development specifically associated with the University.

Innovation Centers Act

The Innovation Centers Act of 2005 established three Research Innovation Centers in South Carolina, one associated with each research university. The Innovation Centers will focus their efforts on hydrogen and fuel cells, automotive, aerospace and information technology biotechnology, military and defense technology, chemical products, high tech fibers, advanced materials and life sciences.

Venture Capital Investment Act

In 2004 and 2005 action by the General Assembly established the Venture Capital Investment Act to increase the availability of venture capital funds to help strengthen the state's economic base and to support South Carolina’s economic development goals. The legislation created the Venture Capital Investment Authority to oversee the program that provides tax credits for private investment companies offering equity, near-equity or seed capital for companies in the state that are emerging, expanding, relocating or restructuring.

Industry Partner Act

The Industry Partners Act of 2006 established the Industry Partners Fund, which provides revenue to be used by the South Carolina Research Authority and the state’s research universities — Clemson, the Medical University of South Carolina and the University of South Carolina — to commercialize university research discoveries. Revenues in the Industry Partners Fund come from contributions by South Carolina businesses, which receive 100 percent credit for their contributions to offset their state income taxes and other fees.