Click the above photo for a copy of the MBREDC 2023 Annual Report

Property Tax Incentives for Manufacturers: New Reimbursement Changes the Game

A modest change in the law in 2022 is now having a significant impact on how South Carolina counties negotiate property tax incentive packages for manufacturers. With one of the highest manufacturing property tax rates in the country (10.5%), South Carolina has aggressively sought ways to reduce this burden: first with incentives like the fee-in-lieu of tax (FILOT) and special source revenue credits (SSRCs) and now through a statutory change that effectively reduces the assessment ratio for all eligible manufacturers in the state to 6%. This reduction is accompanied by an obligation on the part of the state to reimburse local governments for “lost” property taxes resulting from the implementation of the new law. Neither the reduction nor the reimbursement obligation applies if a manufacturer is subject to a FILOT.

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Interested in learning about the benefits of relocating your manufacturing business to Horry County? Contact Sandy Davis, MBREDC President & CEO, or Carl Schumpert, MBREDC Project Manager.

South Carolina export sales total $37.3 billion in 2023, defying national exports trend

Governor Henry McMaster, the South Carolina Department of Commerce (S.C. Commerce) and South Carolina Ports (SC Ports) today announced that the state’s 2023 export sales totaled $37.3 billion, defying the national trend where U.S. exports were down 2.2%, according to the U.S. Department of Commerce. Since 2013, South Carolina exports have grown at an average rate of 4.4% year-to-year. Over the same period, U.S. exports grew at an average rate of 3% year-to-year.

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Hospital donates over $1 million to support HGTC’s building expansion

By WMBF News Staff

One Grand Strand hospital wants to show its commitment to the future healthcare workforce.

Conway Medical Center with Novant Health is donating $1,050,000 to the Horry-Georgetown Technical College Foundation.

This money will go toward the HGTC Nursing and Health Sciences Institute, supporting the expansion of the college’s healthcare education facility on the Grand Strand Campus.

“The building will be central to empowering individuals, changing lives, and reshaping communities by impacting 30% of the HGTC student body, those enrolled in health sciences, while contributing to the local workforce each year by providing graduates who are highly skilled,” a news release reads.

The college said in total, the expansion will cost $15 million but will add 24,100 square feet to the facility by the end of 2025.

Conway Medical Center President and CEO Brian Argo said the hospital has seen first the high-quality education HGTC’s students receive when they come to work at the hospital.

“We are so excited to partner with HGTC as we work together to train the healthcare workers of tomorrow,” Argo said. “…We believe our support of this new facility will continue to improve healthcare education in our community.”

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Interested in sponsoring an

MBREDC 2024 Event?

Benefits of sponsoring:  

• Your company name/logo/hyperlink emailed in the invitation to all MBREDC members at least twice prior to the event.
• Your company name/logo displayed at the event.
• 3-5 minutes to discuss your business during the event.
• Opportunity to hand out and/or display materials during the event.
• Shared guest list after the event.
• Additional invitations to the event as possible.

Contact Sandra James for more information

and to reserve an event

** Only two sponsorships are still available**

MBREDC February 2024 Event: M2M Speed Networking

The M2M Speed Networking event held at the Dunes Golf and Beach Club was a huge success with nearly 50 MBREDC members in attendance. This is one of our organization’s most requested events where members have one-on-one conversations in a fast-paced, fun, and somewhat loud environment! Thank you to our sponsors: Burr Forman and Eagle Strategies for starting our day with a delicious breakfast and an even better view.

Our first stop was Ebtron where devices to improve air quality are manufactured.

Stop number 2: Wild West Distribution Center which supports their online sales and their two retail stores.

Next stop, Carolina Food Service, a supplier of Hispanic foods for North and South Carolina.

Our next visit was to Laudsi Enterprises, which produces and distributes pipe tobacco and smoking pipes.

Rounding out our day was a visit to Little Spider Creations, a prop and theming manufacturer.

We were treated to a wonderful lunch at McLeod Health Loris and learned about hospital updates. Thank you to McLeod!

Visit the websites of these local industries to learn more about what is being made in Horry County.

Thank you to each of these businesses for welcoming our class.

2050 Hwy 501 East, Building 100

Conway, SC 29526

800-844-4983