The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) provides individuals with a stimulus payment of $1,200 per adult, plus $500 for each qualifying child age 16 and under (subject to phase-outs for higher income individuals). The stimulus payment provided by the CARES Act is structured as a refundable federal income tax credit.
South Carolina does not allow individuals to deduct federal income taxes in arriving at South Carolina taxable income. Consequently, federal tax credits generally have no impact on an individual’s South Carolina income tax ...
On May 23, 2016 the South Carolina Textiles Communities Revitalization Act was amended to remove a fifty percent cap applicable to the income tax credit provided by the Act. L. 2016, H5009. This taxpayer-friendly amendment enhances the value of the credit by accelerating the time period for claiming the credit. The amendment applies to credits claimed for income tax year 2016, regardless of when the credit was earned.
The South Carolina Textiles Communities Revitalization Act provides financial incentives for the rehabilitation, renovation, and redevelopment of abandoned ...
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 ...