South Carolina Community Development Tax Credit

Article ID: 59137  

Question
South Carolina Community Development Tax Credit

Answer

COMMUNITY DEVELOPMENT CREDIT: For taxpayers investing amounts in qualifying community development corporations or financial institutions. (TC-14)

A taxpayer investing in a certified community development corporation or a community development financial institution is allowed a credit under SC Code Section 12-6-3530 against state Income Tax, Bank Tax, or Insurance Premium Tax.

Certificate requirement: You cannot claim the credit unless you receive certification from SC Commerce that:

1. you are investing in a community development corporation or a community development financial institution

2. the credit available to you will not be more than the annual limit

If you invest in a certified corporation or institution in good faith, you may claim the credit even if SC Commerce later revokes or does not renew the certification.

Credit limits: Beginning with the 2019 tax year, the total amount of community development tax credits available to all taxpayers is $6 million for all tax years. For a single year, the total amount available to all taxpayers is $1 million.


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Views: 1676 Created on: Jun 15, 2013