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

How to Contribute

Step 1: Make Your Contribution

• Contribute online via SCRA website donation button, OR
• Mail a check payable to "IPF" to:
  • SCRA
  • 1000 Catawba Street, Suite 100
  • Columbia, SC 29201

Step 2: Complete Tax Forms

• Complete TC36 form (SCRA Industry Partnership Fund tax return form)
• Complete SC1040TC form (South Carolina tax credit schedule form)

Step 3: File with Taxes

• Submit TC36 and SC1040TC forms when filing your state taxes

Questions and Support:

• Contact Mitch Smith at 803-206-1378 or mitch.smith@scra.org
• Ask about federal tax deduction eligibility for business owners
• Inquire about contribution amounts and options

Additional Information:

• View SCRA prospectus for detailed program information
• Review SCRA's impact and success stories
• Check SCRA website for latest portfolio company updates