The South Carolina Research Authority (SCRA) encourages tax filers to take advantage of the Industry Partnership Fund (IPF), a no-cost alternative to filing with the SC Department of Revenue. The free tax credit program allows individuals and businesses to redirect their tax dollars to support SCRA’s initiatives, accelerating technology-enabled growth in research, academia, entrepreneurship, and industry. The deadline for submitting is Dec. 15, 2024.
“Participating in the IPF is a simple yet impactful way to contribute to South Carolina’s economic growth,” explains SCRA’s business development manager, Andy Olsen. “This program allows taxpayers to directly invest in initiatives that drive technological advancements, support startups, and strengthen our state’s position as a leader in innovation.”
Founded in 2006, IPF-generated funds fuel the innovation economy in South Carolina and helped SCRA make a $1.19 billion impact in 2023. These contributions allowed SCRA and its investment affiliate, SC Launch, Inc., to fund technology-related grants and investments of $4.8 million. IPF has greatly impacted the state of South Carolina over the years. The fund supported almost 6,000 jobs throughout the state in 2023.
By participating in the IPF, businesses, and individuals can receive a dollar-for-dollar state tax credit. For more information on IPF and the tax credit, contact Andy Olsen at 803-722-3598 or andy.olsen@scra.org, or visit scra.org/give-support/ipf.
