Industry Partnership Fund (IPF) Tax Credit Program

Program Name: South Carolina Research Authority's Tax Credit Program (Industry Partnership Fund)

Geographic Scope: South Carolina

Background: A special tax credit program allowing individuals and business owners to redirect state tax dollars to fund South Carolina innovation instead of paying them to the state Department of Revenue.

Focus Areas: Supporting SCRA Member Companies and portfolio companies; funding innovation economy initiatives across all sectors

Purpose: To redirect state tax dollars to bring groundbreaking and lifesaving innovations to market, powering South Carolina's innovation economy.

Who Can Participate:

• Business owners
• Individuals with South Carolina state tax liability
• Eligible for potential federal tax deduction (contact SCRA for details)

Benefits of Contributing:

• Cash-flow savings through tax credits
• Recognition on SCRA website, annual report, and other venues as an innovation economy leader
• Invitations to SCRA-hosted events throughout the year
• Support for South Carolina innovation and job creation
• Potential federal tax deduction for business owners

SCRA Impact Metrics:

• $717M economic impact on South Carolina innovation economy (FY25)
• 3,772 SCRA-supported jobs (FY25)
• $4.7M awarded to companies and academic institutions (FY25)
• Average SCRA company employee salary: $91,959 (51% higher than state average)
• 1.39M+ square feet of research, lab, collaboration, and office space managed/owned by SCRA
• $3B in follow-on funding received by SCRA companies since SC Launch Inc. inception (2006)

Contact Information:

• Contact: Mitch Smith
• Phone: 803-206-1378
• Email: mitch.smith@scra.org
• Mailing Address: SCRA, 1000 Catawba St, Suite 100, Columbia SC 29201

How to Contribute

The contribution process is straightforward with two options:

Option 1: Online Contribution

1. Make your contribution online via the button on SCRA's website

Option 2: Check Payment

1. Write a check payable to "IPF"
2. Mail to: SCRA, 1000 Catawba St, Suite 100, Columbia SC 29201

Tax Filing Requirements

After making a contribution, you must:

1. Complete Form TC36 - SCRA Industry Partnership Fund tax return form
2. Complete Form SC1040TC - South Carolina tax credit schedule form
3. Submit both forms when filing your South Carolina state taxes

Questions

For questions about:

• The tax credit program
• Federal tax deduction eligibility
• Contribution process

Contact: Mitch Smith at 803-206-1378 or mitch.smith@scra.org