Details of the incentive bill in the General Assembly for a proposed $400 million retail complex in Jasper County:
Officials say the project could produce up to 2,500 jobs. The incentive plans would make developers eligible for more than $70 million in state money to help offset infrastructure costs.
What the state would allow: Jasper and Hampton counties would keep 3 cents of the first 4 cents in sales taxes generated by Okatie Crossings that would normally go to the state. Jasper has a 7-cent sales tax.
Here's how it breaks down:
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- 4 cents are basic state sales taxes
- 1 cent goes to schools under the 1980s-era Education Improvement Act
- 1 cent was added recently as property tax relief under Act 388
- 1 cent is a local-option sales tax
Developers project Okatie Crossings could generate $11.6 million in tax revenue annually for the state. This is what the state would get after developers are awarded incentives.
The incentives won't activate until developers have spent $100 million and created 1,000 jobs. Additionally, the development must maintain at least 500 jobs at all times to continue to receive incentives, which are paid annually. If employment falls below 500 jobs in any year, then Okatie Crossings would be ineligible for incentives that year.
The incentives sunset after five years.