Form Sc Sch.tc 6 - Infrastructure Credit (Page 2 of 3) in pdf

PART III ROADS

A separate Sch. TC-6 must be prepared for each road project.

Expenses of road project.

(Project must be dedicated to public use. See instructions, paragraph B) . . . . . . . . . .

Expenses allocated to taxpayer's benefit.

(See instructions, paragraph C) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Subtract line 2 from line 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Contributions

(See instructions, paragraph D) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Combine lines 3 and 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Multiply amount on line 5 by 50%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Maximum credit allowed per project. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$10,000

Enter the lesser of lines 6 or 7.

Credit amount on line 8 is combined with credit amounts from other qualifying

infrastructure projects and entered on form SC1120-TC. . . . . . . . . . . . . . . . . . . . . . . .

Recapture of Infrastructure Credit if a Road is removed from State Highway or Public Road System

Expenses (or contributions) of road project. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Expenses allocated to road project removed from state or public system. . . . . . . . . . .

Divide amount on line 2 by amount on line 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Credit allowed for roads project. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Multiply amount on line 4 by percentage on line 3.

Amount on line 5 must be added to income tax due . . . . . . . . . . . . . . . . . . . . . . . . . . .

Effective June 6, 2006, a taxpayer can claim the infrastructure credit against bank tax.

GENERAL INSTRUCTIONS FOR SC SCH. TC 6

Be sure to ATTACH any necessary documents. See item E below.

A corporate taxpayer is allowed as a credit against income tax imposed on corporations an amount equal to fifty percent, not to

exceed ten thousand dollars annually, of expenses paid or accrued by the taxpayer in building or improving any one

infrastructure project. Effective June 6, 2006, the credit can be claimed against bank tax. Any unused credit up to a total of thirty

thousand dollars may be carried forward three years.

For purposes of this credit, an infrastructure project includes water lines, sewer lines, their related facilities and roads that:

(1)

do not exclusively benefit the taxpayer;

(2)

are built to applicable standards;

(3)

are dedicated to public use or, in the case of water and sewer lines and their related facilities in areas served by a private

water and sewer company, the water and sewer lines are deeded to a qualified private entity.

32402026

Form Sc Sch.tc 6 - Infrastructure Credit Page 2