A BILL TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING ACT 80 OF 2013, RELATING TO THE "HIGH GROWTH SMALL BUSINESS JOB CREATION ACT," SO AS TO AUTHORIZE THE EXTENSION FOR AN ADDITIONAL TEN YEARS; AND BY AMENDING SECTION 11-44-10, RELATING TO THE CITATION OF THE ACT, SO AS TO RENAME THE ACT THE "HIGH GROWTH SMALL BUSINESS JOB CREATION ACT OF 2013 - ANGEL INVESTOR TAX CREDIT ACT."
H4134 extends South Carolina’s High Growth Small Business Job Creation Act for an additional ten years by moving the repeal date for Chapter 44, Title 11 from December 31, 2025 to December 31, 2035. The bill also renames the program the “High Growth Small Business Job Creation Act of 2013 - Angel Investor Tax Credit Act,” reflecting its focus on angel investor tax credits for qualifying investments in early-stage businesses.
The bill keeps and clarifies the existing framework for certifying “qualified businesses” and “angel investors,” including requirements that eligible businesses be South Carolina-based, relatively small, recently organized, and active in specified industries such as manufacturing, software, IT, warehousing, wholesaling, and research and development. It also preserves the rules governing registration, renewal, revocation, transfer restrictions, and annual reporting to legislative committees and the Governor, while requiring public posting of statewide program data.
The bill primarily affects South Carolina tax law by extending the availability of the angel investor tax credit and related job-creation incentives for ten more years. It preserves the statutory definitions and administrative procedures in Chapter 44, Title 11, meaning qualifying investors and businesses may continue to claim and administer credits under the existing program structure through 2035 rather than losing eligibility at the end of 2025. The bill also updates the chapter’s title and cross-references to align the program’s name with its angel investor tax credit function.
The available voting history suggests generally favorable support for the bill, as it passed the House 89-19 on April 22, 2025. No committee transcripts were provided, so there is no recorded debate to indicate detailed public or legislative concerns. The strong margin of passage suggests broad support for continuing the incentive program, likely due to its association with small business growth, startup investment, and economic development.
The main point of contention is likely the policy choice to extend a tax credit program for another decade, which can raise concerns about state revenue loss, program effectiveness, and whether the incentive sufficiently targets job creation and in-state investment. The bill’s eligibility rules also limit the benefit to certain businesses and exclude others, such as retail, real estate, construction, professional services, gambling, and financial/insurance activities, which may shape debate over fairness and economic priorities. The 19 dissenting votes indicate some opposition, but without transcripts the specific objections are not documented.