Who Must Complete the Form
Section 12-6-3510 which established the credits provided in TC-13 was repealed effective July 1, 2004. Section 12-6-3570 establishes the credits provided in TC-25 and became effective July 1, 2004.
Entities that invest after June 30, 2004 in a company that produces or develops a qualified South Carolina motion picture project and/or a qualifed South Carolina motion picture production facility must complete TC-25. A "C" Corporation claims the credit on its own behalf. A pass-through entity such as a partnership, "S" corporation, Limited Liability Company (LLC) taxed as a partnership, or a motion picture equity fund (MPEF) must provide (generally by means of a Schedule K-1) to each respective partner, "S" corporation shareholder, LLC member or MPEF investor its share of the credit. In a tiered pass-through arrangement, the ultimate taxpayers (i.e. those who can use the credit, such as an individual taxpayer) will eventually receive the information as the K-1s are passed down through the various tiers.
TC-25 is made up of three parts. Part I computes the credit(s) related to investment in a company that produces or develops a Qualified South Carolina Motion Picture Project. Part II computes the credit for investment in a company that constructs, converts or equips a South Carolina motion picture production and/or post-production facility. Part III aggregates the credits in Parts I and II. Complete each applicable part. Any investor claiming a credit on this schedule must complete Part III.
SC TC 25