Posts tagged SC Tax Credits.

On February 16, 2016, a new income tax credit for taxpayer's who construct, purchase, or lease solar energy property was enacted, and is effective for income tax years beginning after 2015. L. 2016, H3874 (to be codified at S.C. Code § 12-6-3770). The credit is scheduled to sunset on December 31, 2017. The credit is equal to 25% of the cost, including installation cost, of solar energy property. The maximum credit that can be claimed is $2,500,000. The credit is claimed over five years in equal annual installments. To qualify for the credit, the solar energy property must be located on the ...

South Carolina provides an income tax credit to a taxpayer who invests in motion picture related projects. Specifically, the state provides a credit equal to 20% of the cash invested by a person in a company that: (1) develops or produces a qualified South Carolina motion picture project or (2) constructs, converts, or equips a motion picture production facility or post-production facility in South Carolina. Key requirements of each credit are:

  • Motion Picture Project Credit
    • The credit is earned when cash only is spent. This credit, when combined with a taxpayer's other South ...

South Carolina provides a tax credit to corporations against the state corporate income, or state corporate license fees, equal to 20% of the qualifying costs of establishing a corporate headquarters in South Carolina, or expanding or adding to an existing corporate headquarters. The credit is made up of two parts, the real property costs and the personal property costs. Key Features of the credit are:

  • A corporation may qualify for only the real property portion of the credit, or may qualify for both the real and personal property portions of the credit.
  • Any unused credit may be carried ...

Update: As of June 16, 2016 all community development tax credits have been claimed.

South Carolina provides valuable tax incentives to people who support Community Development Corporations (CDCs) and Community Development Financial Institutions (CDFIs). A 33% credit is provided for each dollar invested in or donated to a certified CDC or CDFI. S.C. Code § 12-6-3530. This credit is commonly referred to as the community development tax credit.

The community development tax credit was enacted in 2000 and is scheduled to sunset on June 30, 2020. A total of $5 million in credits are ...

South Carolina offers a broad range of tax and financial incentives to encourage new and existing businesses to open or expand operations in the state. This is the first in a series of blogs which will review these lucrative incentives and how they function. This blog address the players in economic development in South Carolina, from the Department of Commerce to the county economic development alliances.

  1. Department of Commerce

The South Carolina Department of Commerce ("DOC") is overseen by Secretary of Commerce Bobby Hitt, who was appointed by Governor Nikki Haley. DOC is the ...

South Carolina offers many tax credits that can be used to reduce or even eliminate state income taxes and license fees.  Examples of these tax credits include the new jobs credit, infrastructure credit, corporate headquarters credit, abandoned buildings credit, biomass resource credit, research credit, community development credit, venture capital credit, historic rehabilitation credit, and conservation easement credit (and many others).

A taxpayer will sometimes seek to claim more than one state tax credit at the same time, which raises the question of how the tax credits ...

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