The bill S. 1118 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. This fund will be separate from the general fund and will consist of appropriated monies, with the ability to carry forward any unspent balance into the next fiscal year. The fund will be administered by the Coordinating Council for Economic Development in collaboration with the Department of Commerce, and it will be used exclusively for grants to businesses that meet specific criteria, including job creation, wage standards, and capital investment commitments.

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 200% of the county's average annual wage, and commit a minimum capital investment of ten million dollars. The grants can be utilized for various expenses related to the establishment or expansion of headquarters, such as employee relocation, office construction, and infrastructure improvements. Additionally, grant recipients will be required to enter into performance agreements that outline job creation targets and include clawback provisions for non-compliance. The bill is set to take effect on July 1, 2026.

Statutes affected:
04/14/2026: 13-1-1790
Latest Version: 13-1-1790