South Carolina Economy

As of 2004, according to the U.S. Bureau of Economic Analysis, South Carolina’s gross state product was $136 billion. As of 2000, the per capita income was $24,000, which was 81% of the national average.

Major agricultural outputs of the state are: tobacco, poultry, cattle, dairy products, soybeans, and hogs. Industrial outputs include: textile goods, chemical products, paper products, machinery, and tourism.

The state sales tax is 6% for non-grocery goods and 3% for grocery goods. Counties have the option to impose an additional 2% sales tax. [8] Citizens 85 or older get a one-percent exclusion from the state's sales tax. Property tax is administered and collected by local governments with assistance from the South Carolina Department of Revenue. Both real and personal property are subject to tax. Approximately two-thirds of county-levied property taxes are used for the support of public education. The passage of a recent state law will replace local property tax funding of education with a statewide 1% sales tax increase. Sales tax on groceries has been reduced to 3%. Municipalities levy a tax on property situated within the limits of the municipality for services provided by the municipality. The tax is paid by individuals, corporations and partnerships owning property within the state. South Carolina imposes a casual excise tax of 5% on the fair market value of all motor vehicles, motorcycles, boats, motors and airplanes transferred between individuals. The maximum casual excise tax is $300. In South Carolina, intangible personal property is exempt from taxation. There is no inheritance tax.

Even though the State of South Carolina does not allow legalized casino gambling, it did allow the operation of Video Poker Machines throughout the state with approximately $2 billion dollars per year deposited into the state's coffers. However, at Midnight on July 1, 2000 a new law took effect which outlawed the operation, ownership and possession of Video Poker Machines in the state with machines required to be shut-off at that time and removed from within the state's borders by July 8 or owners of such machines would face criminal prosecution.[8][9]

Gossypium hirsutum