The bill H. 5471 proposes the establishment of the "South Carolina Headquarters Relocation and Growth Fund," which aims to provide grants to qualifying businesses that either establish or expand their corporate headquarters within the state. The fund will be administered by the Coordinating Council for Economic Development in collaboration with the Department of Commerce. To qualify for a grant, businesses must create at least fifty new full-time jobs within five years, pay an average wage of at least two hundred percent of the county's average annual wage, and commit to a minimum capital investment of ten million dollars. The grants can be utilized for various expenses, including employee relocation, office construction, and public infrastructure improvements.

Additionally, the bill outlines that each grant recipient must enter into a performance agreement with the coordinating council, which will include job creation targets, wage levels, and investment commitments. The agreement will also feature clawback provisions that require repayment of funds if the company fails to meet the specified performance metrics. The bill ensures that the funds allocated to this program are held in trust and cannot revert to the general fund or be appropriated for other purposes. The act is set to take effect on July 1, 2026.

Statutes affected:
03/31/2026: 13-1-1790
Latest Version: 13-1-1790