South Carolina Qualified Conservation Contribution Credit

Article ID: 33947  

Question
South Carolina Qualified Conservation Contribution Credit

Answer

A credit is allowed for a gift of land for conservation or for a qualified conservation contribution on any qualified real property interest. The gift or contribution has to be made after May 31, 2001. The taxpayer must qualify for and claim a federal charitable deduction for the gift or contribution. The credit is limited to $250.00 per acre contributed, however, any wetland acreage lying within the intertidal zone shall not be taken into consideration for the calculation of this per acre cap.  This credit is limited to $52,500.00 for a taxpayer in any single tax year.  

This credit can be used in conjunction with any other credits to offset any income tax owed by the person or entity claiming it. Any amounts not used due to the credit being greater than the current year tax due may be carried forward to succeeding years. The credit may not be used against corporation license or any other fees. In addition to the carryforward, unused credit may be transferred, devised, or distributed, with or without consideration, by an individual, partnership, limited liability company, corporation, trust, or estate, in accordance with SC Code Section 12-6-3515

 

LINE INSTRUCTIONS

LINE 1: Enter the amount of the qualified contribution of land located in South Carolina. The amount of the qualified contribution is the value of the “gift of land for conservation” or “qualified real property interest” located in South Carolina that is eligible for a charitable contribution under Section 170 of the Internal Revenue Code (IRC) and meets the requirements of Section 12-6-5590 of the South Carolina Code of Laws (SC Code). Qualified real property interest” is defined in IRC Section 170(h). A “gift of land for conservation” is a charitable contribution of fee simple title property conveyed for conservation purposes as defined in Section 170(h)(4)(A) to a qualified conservation organization as described in Section 170(h)(3). See OTHER INFORMATION below.

Note: Transferees begin at line 6.

LINE 3: The credit is limited to $250.00 per acre contributed, however, any wetland acreage lying within the intertidal zone shall not be taken into consideration for the calculation of this per acre cap.

LINE 7: This credit is limited to $52,500.00 for a taxpayer in any single tax year. Note: IRC Section 267 attribution rules apply in computing per acre and per taxpayer limitation.

LINE 8: This credit can be used in conjunction with any other credits to offset any income tax owed by the person or entity claiming it. Any amounts not used due to the credit being greater than the current year tax due may be carried forward to succeeding years. The credit may not be used against corporation license or any other fees. In addition to the carryforward, unused credit may be transferred, devised, or distributed, with or without consideration, by an individual, partnership, limited liability company, corporation, trust, or estate, in accordance with SC Code Section 12-6-3515.


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