The South Carolina Life Science Act and Venture Capital Investment Act were enacted into law on April 6, 2004. This legislation offers a series of incentives and funding opportunities for life science companies and the state's research universities.

Highlights of the new legislation include:

• Incentives for life science companies with investment of $100 million or more, creating at least 200 jobs and paying 1.5 times the state per capita income.
• Formation of an eligibility category for life science companies in the state.
• Providing rebates for approved eligible expenditures.
• Allowing for negotiation of corporate income tax liability.
• Creation of possible tax savings from equipment depreciation at an accelerated rate.
• Granting research universities of South Carolina up to $220 million.
• Enabling the state to create a public fund that invests in private venture capital funds through state tax credits.

 South Carolina Life Science Act- SC General Assembly