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South Carolina General Assembly renews Angel Investor Act

Compliments of Columbia Business Report

South Carolina’s General Assembly renewed the 2013 High Growth Small Business Job Creation or “Angel Investor” Act earlier this week until 2025.

The act offers tax credits of up to 35% of the investment to start-up investors, according to a recent announcement from the S.C. State Secretary Mark Hammond. Hammond’s office, which approves all businesses for the program.

“Since the High Growth Small Business Job Creation Act originally passed, nearly 300 companies have registered as qualified businesses, with over 90 registered at the end of 2019,” Hammond, said in the release. “Furthermore, these qualified businesses have reported creating over 1,200 full-time, part-time and temporary jobs. I am thrilled that our state has continued this program that promotes innovation and entrepreneurship, especially during this time of economic uncertainty.”

Qualifying businesses must be a corporation, limited liability company, general or limited partnership headquartered in South Carolina with 25 or fewer employees and a gross income of $2 million or less, according to the release.

Program preference is extended to certain types of enterprises within the manufacturing, processing, warehousing, wholesaling, software development, information technology service, research and development, and health care sectors.

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Tamia Sumpter

Tamia is a driven senior undergraduate Bioengineering student currently enrolled at Clemson University. With a strong foundation in her field, she has honed her skills through hands-on experience in research and development at Eli Lilly & Company. During her time in the ADME department, Tamia contributed significantly by working on siRNAs and their applications in finding In Vitro-In Vivo Correlation (IVIVC). Looking ahead, Tamia has set her sights on a promising career in law. She aspires to specialize in Intellectual Property Law, with a particular focus on serving as in-house counsel for leading medical device or pharmaceutical companies. Her enthusiasm for this role is palpable as she prepares to embark on her legal journey! She is also a proud member of the Omicron Phi chapter of Delta Sigma Theta Sorority, Inc., PEER Mentor for Clemson PEER/WiSE, and currently serves as the President of Clemson Bioengineering Organization (CBO). With her unique blend of scientific knowledge and legal interests, Tamia is poised to make a meaningful impact in the healthcare and life sciences industries.