Form Sc Sch.tc-3 - Water Resources Credit
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1
2STATE OF SOUTH CAROLINA
1350
1350
SC SCH.TC-3
DEPARTMENT OF REVENUE
(Rev. 6/7/10)
WATER RESOURCES CREDIT
3116
Attach this form to your return.
20
Name
SSN or FEIN
Address
Location of Property
COMPUTATION OF TAX CREDIT
1.
Construction and installation cost of ponds, lakes, water impoundments
or water control structures
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.
2.
Cost of restoration of ponds, lakes or water impoundments
(See guidelines for items included in restoration cost.)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.
3.
TOTAL (Add lines 1 & 2)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.
4.
Multiply the amount on line 3 by 25%
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$2,500.00
5.
Maximum amount of credit allowed
5.
6.
Enter the lesser of lines 4 or 5
This amount must be entered on the
appropriate tax credit schedule . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.
Be sure to attach necessary documents (See item B below).
GENERAL INSTRUCTIONS
PURPOSE:
The General Assembly finds that South Carolina is blessed with abundant rain fall and other water
resources which when managed through the construction of impoundments and water control structures abate erosion
and sedimentation, conserve water for use during times of drought and add to the income of our citizens by increasing
agricultural and aquicultural productivity. An income tax credit is allowed to encourage the private sector of our economy
to invest in the construction of water storage and control structures for soil and water conservation, wildlife management,
agriculture and aquiculture purposes.
A.
This tax credit does NOT apply to any pond, lake, or other water impoundment or water control structure located in
or adjacent to and filled primarily by coastal waters of the State.
B.
To qualify for this credit the taxpayer must obtain and attach a construction permit issued by the SC Department of
Health and Environmental Control (SC DHEC) or proof of exemption from permit requirements issued by SC DHEC,
the Natural Resources Conservation Service, or a local Soil and Water Conservation District.
C.
An income tax credit is allowed for twenty-five percent of all allowable expenditures, to a maximum of two thousand
five hundred dollars made in each tax year, for the construction and installation or restoration of ponds, lakes and
other water impoundments, and water control structures designed for the purposes of water storage for irrigation,
water supply, sediment control, erosion control or aquiculture and wildlife management.
In the case of pass-through entities such as partnerships and S corporations, the credit is determined at the entity
level and is limited to two thousand five hundred dollars.
If the credit exceeds the tax liability, the excess may be carried forward for credit against income taxes in the next
five succeeding taxable years.
31161029
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