South Carolina

South Carolina does not have any dedicated funding programs for freight or passenger rail; however, there are funding mechanisms for rail infrastructure. For example, the South Carolina Transportation Infrastructure Bank may support freight and passenger rail initiatives. The bank was created in 1997 to assist in financing qualified major projects through loans and other financial assistance to government units and private entities for constructing and improving transportation facilities necessary for public purposes, including economic development

Granting Agency / Department: SCDOT

Funding Cycle / Dates: No deadline found, applications appear to be ongoing

In the 2023-2024 Legislative Session, the South Carolina General Assembly approved legislation that provides a possible income tax credit to Class II or Class III railroads who own or lease railroad in the State and who make “qualified railroad reconstruction or replacement expenditures,” which mean gross expenditures for maintenance, reconstruction, or replacement of railroad infrastructure, which includes track, roadbed, bridges, industrial leads and sidings, and track-related structures owned or leased by the Class II or Class III railroad in this State.

Granting Agency / Department: SCCommerce

Funding Cycle / Dates: A company must submit an application to Commerce by no later than 60 days following the close of the taxable year in which the qualified railroad reconstruction or replacement expenditures are completed.