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Category: South Carolina
46 Articles
Orange arrow What is the South Carolina Nursing Home Credit?

  NURSING HOME CREDIT A credit is allowed for an individual who pays expenses for his/her own support or the support of another to an institution, in any state, providing nursing facility level of care or to a provider for in-home or community care. A physician must certify that nursing care is neede...
Orange arrow South Carolina Water Resources Credit

  The General Assembly finds that South Carolina is blessed with abundant rain fall and other water resources which when managed through the construction of impoundments and water control structures abate erosion and sedimentation, conserve water for use during times of drought and add to the income ...
Orange arrow South Carolina Employer Child Care Credit

  A tax credit is allowed to an employer who establishes a child care program for the benefit of his/her employees. A credit is also allowed for donations to a non-profit corporation that provides child care services to his/her employees. A taxpayer that employs residents of South Carolina that esta...
Orange arrow South Carolina Qualified Retirement Plan Contribution Credit

  A credit in an amount equal to taxes paid on qualified retirement plan contributions made by a taxpayer while residing in another state which did not exempt such contributions from its state income tax is allowed. The credit must be spread over the life expectancy of the taxpayer. Contact the Depar...
Orange arrow South Carolina Scenic River Tax Credit

  A landowner who donates a perpetual easement to the State of South Carolina under the Scenic Rivers Program (Title 49, Chapter 29) is entitled to a credit against state income tax. The credit allowed is equal to the fair market value of the easement granted, meaning the difference between the fair ...
Orange arrow South Carolina Drip/Trickle Irrigation Systems Credit

  Schedule TC-1 must be used in computing your credit against income tax for the purchase and installation of Conservation Tillage Equipment, Drip/Trickle Irrigation Systems and Dual Purpose Combination Truck and Crane Equipment. A taxpayer may claim as a tax credit 25% of all expenditures, which mus...
Orange arrow South Carolina Minority Contractor Business Credit

  A taxpayer having a contract with the State of South Carolina who subcontracts with a socially and economically disadvantaged small business may claim an income tax credit of 4% of the payments to that subcontractor for work pursuant to the contract. The subcontractor must be certified as a sociall...
Orange arrow South Carolina Palmetto Seed Capital Credit

  The General Assembly enacted legislation which provides an income tax credit to a taxpayer who invests in the Palmetto Seed Capital Corporation. The Palmetto Seed Capital Corporation was established to increase the rate of capital formation, to stimulate new growth-oriented business formation, to c...
Orange arrow South Carolina Qualified Conservation Contribution Credit

  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 contributi...
Orange arrow South Carolina Certified Historic Structure Credit

  The certified historic residential structure credit is available for "rehabilitation expenses" to a "certified historic residential structure," as those terms are defined below. The credit is available if the expenses are incurred in taxable years beginning after 2002 and if the property is placed ...
Orange arrow South Carolina Base Closure Credit

  Effective for taxable years beginning after 1994 the General Assembly enacted legislation to allow an income tax credit for hiring employees terminated from employment as a result of the closing or realignment of a federal military installation. Effective for taxable years after 1995, the General ...
Orange arrow South Carolina Economic Impact Zone Credit

  An income tax investment credit is allowed for qualifying property placed in service in a taxable year in an economic impact zone. (Recapture of the credit will be required if the taxpayer disposes of or removes the property from the economic impact zone before the useful life (per section 168(e) o...
Orange arrow South Carolina Family Independence Payments Credit TC-12

  Except for jobs created in distressed counties, the maximum aggregate credit that may be claimed in a single year under this credit and the jobs tax credit (SC SCH. TC-4), small business job tax credit (SC SCH. TC-4SB), or small business alternative job tax credit (SC SCH. TC-4SA) is $5,500 for eac...
Orange arrow South Carolina Community Development Tax Credit

  This credit applies against state income tax, bank tax, or an insurance company's premium tax. The credit amount of up to 33% of all amounts invested in a Community Development Corporation or in a Community Development Financial Institution is subject to the limitations discussed below. No credi...
Orange arrow South Carolina Form 4972 10 Year Option

  Distributions That Do Not Qualify for the 20% Capital Gain Election or the 10-Year Tax Option The following distributions are not qualified lump-sum distributions and do not qualify for the 20% capital gain election or the 10-year tax option. A distribution that is partially rolled over to anot...

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