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Form Cl-4 - Annual Report Of Electric Cooperative Corporation Property And Grodd Receipts Page 3

INSTRUCTIONS

Line 1 Instructions - The "Fair Market Value of Property Owned and Used in the Conduct of Business in South Carolina" is the "Tax

Assessment" value divided by 10.5% and is now being shown on the South Carolina Property Tax form "Proposed Assessment" (PT-422).

Line 8 Instructions - If the company paid cash to provide infrastructure for a qualifying project, enter the amount of credit applied on line 8 and

complete Part II. Attach a schedule to the return that includes the name of the person completing the project, a description of the project, under

what section or sections of the statute the project qualifies, the amounts in cash that were paid for infrastructure and to whom and when paid, a

description of the infrastructure, and the date the infrastructure was completed or is expected to be completed. If the infrastructure has not

been completed as of the date the return is filed, the taxpayer must include a waiver of the statute of limitations. The maximum credit

for a single tax year may not exceed $400,000. If the credit exceeds tax liability, the excess may be carried forward and deducted in the

succeeding tax year. For more information see SC Code Section 12-20-105 and SC Revenue Rulings #99-6 and #96-11.

S.C. Code Section 12-20-100 imposes a license fee on every electric cooperative in place of the license fee imposed by Section 12-20-50.

The license fee equals 0.1% (rounded up) of fair market value of property owned and used within South Carolina in the conduct of business as

determined by the Department of Revenue for property tax purposes for the preceding tax year, plus 0.3% (rounded up) of gross receipts

derived from services rendered from regulated business within South Carolina during the preceding tax year. The minimum license fee is

$25.00. Electric cooperatives other than distribution electric cooperatives are not subject to the gross receipts portion of the license fee.

Gross receipts, as used in Section 12-20-100, include all receipts from operations within the State, and also other profit and loss items with a

local situs. Intangible income from intangibles used in the conduct of the business within this State is included in gross receipts.

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Form Cl-4 - Annual Report Of Electric Cooperative Corporation Property And Grodd Receipts Page 3