Monthly Small Business Jobs Tax Credit Form - 2006 printable pdf download

STATE OF SOUTH CAROLINA

DEPARTMENT OF REVENUE

SC SCH. TC-4SM

MONTHLY SMALL BUSINESS

(Rev. 3/21/07)

JOBS TAX CREDIT

3435

2006

Attach to your Income Tax Return

Names As Shown On Tax Return

SS No. or Fed. EI

Step 1 - Meeting minimum number of required jobs

Part A

The name of the county where the facility is located:

(1)

Did you have a total of 99 or fewer full-time jobs everywhere, at either the beginning or the end (whichever is lower)

of Tax Year 2006?

YES

Describe the facility and nature of business:

(2)

Does the type of facility qualify for small business job tax credit? (See STEP 1 instructions)

YES

If you answered ‘NO’ to Question 1 OR 2, STOP. You do not qualify for the Small Business Monthly Job Tax Credit

(TC4-SM) for Tax Year 2006.

(3) Calculating the 120% threshold:

If gross wages are paid for the full month at or above 120% of the county or State per capita income, whichever is less,

the jobs are eligible for 100% of the traditional credit amount (prorated) for each qualifying month. If gross wages are paid

for a full month below 120% of both the county and State per capita income, the jobs are eligible for 50% of the traditional

credit amount (prorated) for each qualifying month.

2005 (previous year) threshold:

State’s per capita income at the end of the previous year (see STEP 1, Part A

instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

County’s per capita income at the end of the previous year (see STEP 1, Part A

instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Lesser of Line 1 or Line 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

120%

120% threshold percentage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Multiply Line 3 by Line 4. This is the 120% threshold (Round to nearest whole dollar). . . . . . . .

Number of months in a year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ÷

Divide Line 5 by Line 6. This is the monthly 120% threshold (Round to nearest whole dollar)

In the previous year, if gross wages were paid for the full month at or above the amount on Line 7, enter the job in Column

A of Part B. If gross wages were paid for the full month below the amount on Line 7, enter the job in Column D of Part B.

These are the number of jobs in the previous year in the 100% and 50% credit categories.

34351015

Monthly Small Business Jobs Tax Credit Form - 2006