Funding was under threat from tax law, so SC tech innovation group turned to business partners
The arm of state government that invests in early-stage technology businesses had to change its approach to fielding contributions this year, but its leaders say the result is a strengthened fund-raising model.
A portion of the federal tax reform passed in late 2017 affected the South Carolina Research Authority, which is financed primarily by a fund that, in years past, was replenished mostly with money from individual donors. The overhaul changed that.
Up until 2018, individual contributors could claim a generous tax credit. John Sircy, SCRA’s chief financial officer, said the “Industry Partnership Fund” historically has hit its limit within minutes of opening each January. It has hit its former cap of $6 million every year.
