Form Sc Sch Tc-4sa - Accelerated Small Business Jobs Credit Page 5
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14GENERAL INSTRUCTIONS
IMPORTANT:
Use 2010 version of this form to claim credit for increases in new full-time jobs where the job tax credit was
first earned before January 1, 2011. Prior year forms are available at
Resources available on our website
Advisory Opinions at "Law and Policy: Dept. Advisory Opinions > Index > INCOME". Scroll down to the heading "Jobs Tax Credit"
including:
SC Revenue Ruling #99-5, a comprehensive question and answer advisory opinion about the 1996 version of the new jobs credit
SC Revenue Ruling #05-5 defining "expansion"
SC Revenue Ruling #87-5 defining "full time employee" and " service related industry"
Information Letters containing county designations for each year
South Carolina Tax Incentives for Economic Development, which is updated annually, at "DOR Services: Publications >
Information for Tax Professionals".
Who may claim
For tax years beginning after December 31, 2005, a qualifying taxpayer with 99 or fewer employees that increases employment by two
or more full-time jobs is allowed a credit for not more than five consecutive years, beginning with the year the new full-time jobs are
created.
Qualifying taxpayers include those that operate:
manufacturing, tourism, processing, warehousing, distribution, research and development facilities; corporate offices, qualifying
service-related facilities, agribusiness operations, extraordinary retail establishments, qualifying technology intensive facilities, and
banks; and
retail facilities and service-related industries located in counties designated as Tier IV.
Credits are not allowed for a tax year in which the new full-time job increase falls below the minimum level of two (2).
Credits may be claimed against corporate or individual income tax, bank tax, or insurance premium tax.
County rankings
Beginning January 1, 2011, there are four designations for South Carolina counties, from Tier I (least favorable) through Tier IV (most
favorable). County designations are updated each year with equal weight given to the unemployment rate and per capita income.
Designations are usually determined in December and effective as of January 1 of the following year.
Amount claimed
If the gross wages of the full-time jobs created are 120% or more of either the county's or the State's per capita income, the initial
amount of credit is:
$8,000 for each new full-time job created in Tier IV counties;
$4,250 for each new full-time job created in Tier III counties;
$2,750 for each new full-time job created in Tier II counties; and
$1,500 for each new full-time job created in Tier I counties.
If the gross wages are less than 120% of both the county's and State's per capita income, the initial amount of credit is:
$4,000 for each new full-time job created in Tier IV counties;
$2,125 for each new full-time job created in Tier III counties;
$1,375 for each new full-time job created in Tier II counties; and
$750 for each new full-time job created in Tier I counties.
Facilities located in a multi-county business or industrial park are allowed an additional $1,000 credit for each new full-time job created.
Taxpayers with qualifying jobs located on property where a response action has been completed pursuant to a non-responsible party
voluntary cleanup contract pursuant to the Brownfields Voluntary Cleanup Program are allowed an additional $1,000 credit for each new
full-time job created. The additional credit is not allowed to a "responsible party".
The maximum aggregate credit of job tax credits (TC-4, TC-4SA, and TC-4SB) and employer tax credits (TC-12 and TC-12A) that may
be claimed in any tax year for a single employee is $5,500, except for employees in Tier IV counties.
The number of new and additional new full-time jobs is determined by comparing the monthly average number of full-time employees
subject to South Carolina income tax withholding in the applicable county for the tax year with the monthly average number in the prior
tax year. To calculate the monthly average number of full-time employees in the first year of operation in this State, a taxpayer may use
the actual months in operation or a full 12-month period. If a taxpayer's business is in operation for less than 12 months in a year, the
number of new and additional new full-time jobs is determined using the monthly average for the months the business is in operation.
After qualifying for this credit, the taxpayer may obtain credit for additional new full-time jobs created in Years 2 through 6 for
up to five years each, beginning with the tax year in which the job is created. A taxpayer may claim credit only for job levels
maintained in the tax year that the credit is claimed. No credit is allowed if the net employment increase for that taxpayer falls
below two (2).
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