Industry Partnership Fund (IPF) - Tax Credit Program

Industry Partnership Fund (IPF) - South Carolina Tax Credit Program

Program Type: Tax credit donation program for innovation funding

Geographic Scope: South Carolina (state residents and businesses)

Focus Areas:

Supporting South Carolina innovation economy

Funding startup companies and academic institutions

Technology development and commercialization

Creating jobs in innovation sectors

Biomedical, medical devices, and life sciences

Advanced manufacturing and alternative energy

Various emerging technology sectors

Program Overview

Through South Carolina Research Authority's Tax Credit Program, South Carolina residents and business owners can redirect state tax dollars to fund S.C. innovation rather than paying them to the state Department of Revenue. This allows tax dollars to support breakthrough innovations while providing tax benefits to contributors.

How It Works

• Contributors redirect their state tax obligations to the IPF/SCRA instead
• SCRA awards funding to portfolio companies and academic institutions
• Federal tax deduction may be available for business owners (contact SCRA for details)
• Tax credits and recognition provided to contributors

Funding Recipients (FY25)

• Total Awards: $4.7M to companies and academic institutions in FY25
• Portfolio companies and SCRA Member Companies
• Academic institutions and research centers

Impact Metrics (FY25)

• Economic Impact: $717M impact on South Carolina innovation economy
• Jobs Created: 3,772 S.C.-based jobs supported
• Average Salary: $91,959+ (51% higher than state average)
• Space: Over 1.39 million square feet of research, lab, and office space
• Follow-on Funding: $3B+ in follow-on funding since SC Launch Inc. inception (2006)

Portfolio Companies Include

• Bubble Paper (eco-friendly cushioning materials)
• Heartbeat Technologies (cardiac arrest solutions)
• Humimic Medical (medical products and materials)
• PulManage (remote patient monitoring)
• IoTCo/Trane Technologies (predictive maintenance AI)
• Victory ExoFibres (exosome isolation technology)
• Pearl Biologics (cancer vaccines)
• Parimer Scientific (medical devices)
• Leukogene Therapeutics (life sciences)

Benefits for Contributors

• Cash-flow savings through tax optimization
• Recognition on SCRA website, annual report, and other venues
• Invitations to SCRA-hosted events throughout the year
• Leadership status as innovation economy supporter
• Federal tax deduction potential (for qualified entities)
• Contribution to South Carolina's economic development

Contact Information

For Tax Credit Program Questions:
• Mitch Smith
• Phone: 803-206-1378
• Email: mitch.smith@scra.org