Form Sc Sch.tc-47 - Hydrogen Infrastructure - Development Fund Credit printable pdf download

1350

STATE OF SOUTH CAROLINA

SC SCH.TC-47

DEPARTMENT OF REVENUE

HYDROGEN INFRASTRUCTURE

(Rev. 12/13/07)

3445

DEVELOPMENT FUND CREDIT

Attach to your Income Tax Return

Name As Shown On Tax Return

SS No. or Fed. EI No.

NOTE: This credit may not be claimed for Tax Year 2007.

Enter the amount of qualified contributions made by you during the tax year to the SC

Hydrogen Infrastructure Development Fund ……………………………………………………...

Multiply line 1 by 25% (0.25). This is your total credit ……………………………………………

Enter the your total liability for individual income tax, corporate income tax, bank tax,

corporate license fee, and insurance premium tax after applying any credits ………………...

Enter the lesser of line 2 or line 3. This is the amount of credit you can use this year ……....

Line 2 minus line 4. This is the amount of credit you can carry forward for 10 tax years …....

General Information

For tax years beginning after 2007 and before 2012, a taxpayer may claim a nonrefundable tax credit for a qualified

contribution made by the taxpayer to the South Carolina Hydrogen Infrastructure Development Fund. The credit may be

claimed against individual or corporate income tax, bank tax, corporate license fees, insurance premium tax, or a

combination of them.

The amount of the credit is 25% of the qualified contribution. The credit may be used only after applying all other credits.

Any unused credit may be carried forward for 10 years.

A qualified contribution is a contribution not subject to any condition or limitation regarding its use. A taxpayer who claims

this credit may not also claim a deduction for the same qualified contribution.

The South Carolina Research Authority will provide the taxpayer with a form documenting the amount of the taxpayer’s

contribution to the Fund. A taxpayer claiming this credit must attach a copy of the form to the tax return. The Department

of Revenue may require the taxpayer to produce additional information identifying the taxpayer's qualified contribution as

it considers appropriate.

Social Security Privacy Act Disclosure

It is mandatory that you provide your social security number on this tax form if you are an individual taxpayer. 42 U.S.C

405(c)(2)(C)(i) permits a state to use an individual's social security number as means of identification in administration of

any tax. SC Regulation 117-201 mandates that any person required to make a return to the SC Department of Revenue

shall provide identifying numbers, as prescribed, for securing proper identification. Your social security number is used for

identification purposes.

The Family Privacy Protection Act

Under the Family Privacy Protection Act, the collection of personal information from citizens by the Department of

Revenue is limited to the information necessary for the Department to fulfill its statutory duties. In most instances, once

this information is collected by the Department, it is protected by law from public disclosure. In those situations where

public disclosure is not prohibited, the Family Privacy Protection Act prevents such information from being used by third

parties for commercial solicitation purposes.

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Form Sc Sch.tc-47 - Hydrogen Infrastructure - Development Fund Credit

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