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State aid sought for Pogo
Lawmakers hope to give banks same tax breaks as other businesses

Published: Wednesday, March 15, 2006 - 6:00 am


By Tim Smith
CAPITAL BUREAU
tcsmith@greenvillenews.com

COLUMBIA -- Greenville state lawmakers introduced bills Tuesday that could help convince a financial services company to expand its headquarters in Greenville and bring 600 well-paying jobs and $100 million in investment.

The legislation would grant banks the same tax incentives as other businesses that increase jobs or move their corporate headquarters to South Carolina.

The South Financial Group, parent of Carolina First Bank in the Carolinas and Mercantile Bank in Florida, is considering a headquarters expansion in Greenville or in Florida.

The Greenville News last week disclosed details about the expansion plans, code-named "Project Pogo."

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The site under consideration here would be in the city along Interstate 85 adjacent to Clemson University's International Center for Automotive Research.

The legislation was introduced in the House and Senate on Tuesday and assigned to committees.

Rep. Bruce Bannister, a Greenville lawyer and prime sponsor of the House legislation, said he expects it to pass.

"This is an economic development bill," he said. "I think with this we are very competitive with Florida."

Sen. David Thomas, a Greenville County Republican who chairs the Senate Banking and Insurance Committee, said South Financial would "prefer" to build in Greenville.

"My understanding is they have got to have this legislation passed to make it work," he said.

Bannister said the legislation is the result of an "oversight" in economic development incentives offered every business but banks.