Looking for smart ways to help technology startups and help yourself at the same time? SC Launch is a collaboration of the SCRA, which was created by the SC Legislature to help develop technology-based industries in the state.
The non-profit SC Launch program helps early-stage, start-up businesses grow by providing them with investment capital and support to get their technologies and inventions to the marketplace more quickly.
SC Launch allows companies to invest in the program and get dollar for dollar tax credits with SC as well as a charitable contribution for federal tax purposes. The contributions can also be used to avoid Alternative Minimum tax for taxpayers that normally pay a large amount of state taxes.
SCRA has directly invested over $15 million in South Carolina start-ups, who have subsequently attracted over $220 million in private investment. To get an idea of SCRA’s cumulative output on South Carolina’s economy, consider that they have helped create approximately 15,000 technology-related jobs in the state, with annual wages averaging between $55,000 and $77,000.
This year’s contributions are at capacity for receiving the state tax credit (although you can still get the federal tax deduction), but start planning to contribute early in 2014 to get in before the annual cap.