Sc Schedule Tc-23 - Credit For Textiles Rehabilitation - South Carolina Department Of Revenue

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STATE OF SOUTH CAROLINA
SC SCH.TC-23
DEPARTMENT OF REVENUE
CREDIT FOR TEXTILES REHABILITATION
(Rev. 9/15/16)
Effective for property placed in service after June 30, 2004
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Attach to your Income Tax Return
Name As Shown On Tax Return
SSN or FEIN
1.
Enter the amount of the rehabilitation expenses made to an eligible site placed in service
during the tax year. For paper filers claiming the credit for the first time, attach certification
if applicable. See instructions .................................................................................................
1. $
2.
Enter 25% of the amount on line 1. This is the credit amount earned in the current year ......
2. $
3.
Enter 20% of line 2 if the property was placed in service during this tax year; OR enter
the installment amount from line 3 of a previous year's TC-23 if the property was placed
in service before this year. This is your annual installment amount .......................................
3. $
4.
Enter the amount carried forward from previous tax years .....................................................
4. $
5.
Add lines 3 and 4 ....................................................................................................................
5. $
6.
Enter your current year tax liability .........................................................................................
6. $
7.
Enter the lesser of lines 5 and 6. This is your current year credit. Enter this amount on the
appropriate tax credit schedule ...............................................................................................
7. $
8.
Subtract line 7 from line 5. Unused credit may be carried forward for 5 years .......................
8. $
GENERAL INSTRUCTIONS
FOR SITES PLACED IN SERVICE AFTER DECEMBER 31, 2007:
A taxpayer who qualifies for the credit revitalizing an abandoned textile facility placed in service after December 31,
2007 may claim either Option A or B:
A)
a credit against real property taxes levied by local taxing entities; or
a credit against corporate or individual income tax, bank tax, corporate license fees, and/or insurance premium tax.
B)
If the taxpayer chooses Option B:
1)
The credit is equal to 25% of the actual rehabilitation expenses made at the textile mill site.
2)
If the taxpayer acquired the textile mill site after December 31, 2007 (NOTE: Transfers between affiliated
taxpayers of phases of any textile mill site are deemed to not be an acquisition for this purpose.):
a)
The taxpayer must file a Notice of Intent to Rehabilitate (Notice) with the Department of Revenue (department)
prior to receiving the building permits for rehabilitating the textile mill site or phase of the site. Failure to provide
the Notice before receiving the building permits will result in disqualifying all rehabilitation expenses incurred
before the notice was provided; and
b)
if actual rehabilitation expenses exceed 125% of the estimated expenses set forth in the Notice, the credit will be
based on 125% of the estimated expenses as opposed to the actual expenses incurred.
3)
The entire credit is earned in the taxable year in which the applicable phase or portion of the textile mill site is placed
in service but must be taken in equal installments over a 5-year period beginning with the tax year in which the
applicable phase or portion of the textile mill site is placed in service.
4)
Unused credit may be carried forward for the succeeding five years.
5)
A taxpayer claiming this credit may be able to qualify for and claim the TC-21 Certified Historic Structure Credit.
6)
The credit is limited in use to the taxpayer’s tax liability for the tax year with respect to each type of tax against which
the credit is claimed.
7)
A taxpayer that leases all or part of the textile mill site may transfer any applicable remaining credit associated with
the rehabilitation expenses incurred with respect to that part of the site to the lessee of the site. A taxpayer that sells
all or any phase or portion of the textile mill site may transfer all or part of the remaining credit that is associated with
the rehabilitation expenses incurred with respect to that phase or portion of the site transferred to the purchaser. The
taxpayer must notify the department in a manner prescribed by the department in order for the transfer to be
effective.
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