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Category: South Carolina
46 Articles
Orange arrow South Carolina Scenic River Tax Credit

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  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 Carryover of Unused Qualified Credits

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  Enter the carryover of unused non-refundable credits from prior years. Refer to the particular form applicable to your tax credit for the maximum credit and period of time to carryover. Attach a breakdown of the credit by type and year started....
Orange arrow South Carolina Tuition Tax Credit

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  To help ease the financial burden for South Carolina college students and their families, the South Carolina General Assembly has created an income tax credit for tuition paid to South Carolina colleges and universities. Who can claim the credit? The student, parents, guardian or whomever actu...
Orange arrow South Carolina Tuition Tax Credit

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  Qualifying Colleges and Universities 4-Year Independent Institutions (Credit - 25% of tuition paid, not to exceed $850 per tax year)Allen University, Anderson University, Benedict College, Bob Jones University, Charleston Southern University, Claflin University,Coker College, Columbia College, Col...
Orange arrow South Carolina Form 4972 Estate Tax

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  South Carolina provisions for lump sum distributions are the same as the federal provisions. If you used federal Form 4972 for a lump sum distribution, you must use the South Carolina SC4972 to compute the South Carolina tax. This separate tax on lump sum distributions is in addition to the regular...
Orange arrow South Carolina Motion Picture Project Certification

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  Who Must Complete the Form Section 12-6-3510 which established the credits provided in TC-13 was repealed effective July 1, 2004.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 d...
Orange arrow South Carolina Employer Child Care Credit

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  Part I A taxpayer that employs residents of South Carolina that establishes a child care program for his employees may claim as a credit against income tax, bank tax, or insurance premium tax an amount equal to 50% of his capital expenditures in this state for establishing a child care program not...
Orange arrow South Carolina Water Resources Credit Restoration Costs

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  PURPOSE: 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 th...
Orange arrow South Carolina Certified Historic Residential Structure Credit

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  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 Certified Historic Structure Credit

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  The certified historic structure credit is available against income tax or corporate license tax for "qualified rehabilitation expenditures" to a "certified historic structure," as those terms are defined in IRC Section 47 and applicable treasury regulations. The credit is available if the expendit...
Orange arrow South Carolina Community Development Tax Credit

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  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 credit...
Orange arrow South Carolina Qualified Retirement Plan Contribution Credit

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  The qualified retirement plan contribution credit is available only if a taxpayer lived in one or more other states that taxed contributions into qualified retirement plans at the time they were made. The taxpayer must be vested in the other state's retirement plan at the time of residing in the ot...
Orange arrow South Carolina Motion Picture Project/Production Facility Credit

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  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 de...
Orange arrow South Carolina Family Independence Payments Credit TC-12

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  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 each employee. The credit exists only for the firs...
Orange arrow South Carolina New Jobs Credit

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  Who may claim: Qualifying taxpayers include those that operate: manufacturing, tourism, processing, warehousing, distribution, research and development facilities; corporate offices, qualifying service-related facilities, agribusiness operations, extraordinary retail establishments, qualifying ...

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