Form Sc Sch. Tc-52 - Fire Sprinkler System Credit

ADVERTISEMENT

1350
1350
STATE OF SOUTH CAROLINA
DEPARTMENT OF REVENUE
SC SCH. TC-52
FIRE SPRINKLER SYSTEM
(Rev. 5/4/09)
CREDIT
3461
20
Attach to your Income Tax Return
SSN or FEIN
Name As Shown on Tax Return
Complete these questions to determine eligibility:
No
Yes
1.
Does your county or other local taxing entity allow a credit for the tax year for
installing a fire sprinkler system?
If the answer is No, STOP. You do not qualify for this credit.
2.
Name of county or other local taxing entity allowing this credit:
3.
Amount of credit allowed by county or other local taxing entity:
3. $
.00
Enter this amount on the appropriate tax credit schedule.
General Instructions
Effective for tax years beginning after 2007, a local taxing entity may allow a credit against real property taxes equal to 25%
of the direct expenses incurred by the taxpayer in installing a fire sprinkler system in a commercial or residential structure,
whether the structure or fire sprinkler is new or existing. A qualifying fire sprinkler system must meet the requirements of
Code Section 40-10-20. The direct expenses of installing the system do not include any type of fee charged by a publicly or
privately owned utility. A publicly or privately owned utility may not impose a tap fee, or other fee, or a recurring maintenance
fee of any nature or however described for the installation and maintenance of a fire sprinkler system that exeeds the actual
costs associated with the water line to the system. The credit is not allowed if installation of a fire sprinkler system is required
by law, regulation or code. Submit this form along with any real property taxes owed to your local taxing entity to claim a
credit against real property taxes.
For any year that the local taxing entity allows a fire sprinkler system property tax credit, you also may claim an income tax
credit of the same amount. An 'S' corporation owing corporate income tax must use the income tax credit first at the entity
level and pass through any remaining credit to each shareholder in the same percentage as the shareholder's stock
ownership. A general partnership, limited partnership, limited liability company, or any other entity taxed as a partnership
must pass the credit through to its partners and may allocate the credit among any of its partners, including without limitation,
the entire credit to one partner, in a manner agreed by the partners that is consistent with Subchapter K of the
Internal Revenue Code. Use this same form to claim the credit against income taxes.
The owner of the structure may transfer, devise or distribute any unused credit to a tenant of the eligible site, but the local
taxing entity must receive written notice of the transfer before the tenant may claim the credit.
Attach a copy of the local taxing entity's certification if filing a paper return; or keep the certification with your records if
filing electronically.
Social Security Privacy Act Disclosure
It is mandatory that you provide your social security number on this tax form if you are an individual taking this credit.
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.
The Credit Claim and Certification Form on the Next Page Must Be Completed by the County or Local Taxing Entity
on Official Letterhead and Attached to Your Income Tax Return.
34611012

ADVERTISEMENT

00 votes

Related Articles

Related forms

Related Categories

Parent category: Financial
Go
Page of 2