Form Sc 1120-Tc - Corporate Tax Credits (Page 3 of 4) in pdf

CREDIT DESCRIPTIONS

PART I CORPORATE INCOME TAX CREDIT CODES

CODE TITLE: Description. (Form)

TEXTILES REHABILITATION CREDIT: For

023

rehabilitating an abandoned textile manufacturing

001 DRIP/TRICKLE IRRIGATION SYSTEMS CREDIT: For

purchasing and installing conservation tillage equipment,

facility. (TC-23)

drip/trickle irrigation system, or dual purpose

024

COMMERCIALS CREDIT: For production companies

combination truck and crane equipment. (TC-1)

producing commercials in South Carolina. (TC-24)

MINORITY BUSINESS CREDIT: For state contractors

002

025 MOTION PICTURES CREDITS: For investing in motion

that subcontract with socially and economically

picture projects or motion picture production or post-

disadvantaged small businesses. (TC-2)

production facilities in South Carolina after June 30,

2004. (TC-25)

WATER RESOURCES CREDIT: For investing in the

003

construction of water storage and control structures for

026

VENTURE CAPITAL INVESTMENT CREDIT: For

soil and water conservation, wildlife management,

lending money to the SC Venture Capital Authority

agriculture and aquaculture purpose. (TC-3)

(TC-26)

004

NEW JOBS CREDIT: For qualifying employers that

SC QUALITY FORUM CREDIT: For participating in

028

create and maintain 10 or more full-time jobs. (TC-4)

quality programs of the SC Quality Forum. (TC-28)

SMALL BUSINESS JOBS CREDIT: For qualifying small

104

030 PORT CARGO VOLUME INCREASE CREDIT: For

businesses that create and maintain 2 or more full-time

increasing usage by volume at state ports. (TC-30)

jobs. (TC-4SB)

RETAIL FACILITIES REVITALIZATION CREDIT: For

031

204

ACCELERATED SMALL BUSINESS JOBS CREDIT:

revitalizing abandoned retail facilities. (TC-31)

For qualifying small businesses that create 2 or more

033

MERCURY SWITCH DISPOSAL CREDIT: For vehicle

full-time jobs. (TC-4SA)

recycler or scrap recycling facility participating in

SCENIC RIVERS CREDIT: For donating certain lands

005

End-of-Life Vehicle Solution (ELVS) Program for each

adjacent to designated rivers or sections of a river.

mercury switch collected and admitted for disposal.

(TC-5)

(TC-33)

006 INFRASTRUCTURE CREDIT: For construction or

CORPORATE TAX MORATORIUM: For qualifying

034

improvements of water lines, sewer lines and road

taxpayers that make a substantial investment and

projects eventually dedicated to public use or qualifying

creates at least 100 new, full-time jobs, a 10 year, or in

private entity. (TC-6)

some cases, a 15 year moratorium on corporate income

PALMETTO SEED CAPITAL CREDIT: For investing in

007

taxes. (TC-34)

the Palmetto Seed Capital Corporation. (TC-7)

035

ALTERNATIVE MOTOR VEHICLE CREDIT: For

008 CORPORATE HEADQUARTERS CREDIT: For

purchasing qualified vehicles under Internal Revenue

qualifying costs related to establishing a corporate

Code 30B. (TC-35)

headquarters in South Carolina or expanding or adding

036

INDUSTRY PARTNERSHIP FUND CREDIT: For

to an existing headquarters. (TC-8)

contributing to the SC Research Authority’s Industry

CHILD CARE PROGRAM CREDIT: For employers that

009

Partnership Fund. (TC-36)

establish child care programs to benefit employees or

037

WHOLE EFFLUENT TOXICITY TESTING CREDIT: For

donate to a non-profit corporation providing child care

a manufacturing facility incurring costs in complying with

services to employees. (TC-9)

whole effluent toxicity testing. (TC-37)

011

CAPITAL INVESTMENT CREDIT: For placing qualified

manufacturing and productive equipment property in

038

SOLAR ENERGY OR SMALL HYDROPOWER

service. (TC-11)

SYSTEM CREDIT: For installing a solar energy or small

hydropower system in a South Carolina facility. (TC-38)

111

PLASTICS AND RUBBER MANUFACTURERS

040

ETHANOL OR BIODIESEL PRODUCTION CREDIT:

CREDITS: For large manufacturers of plastics or rubber

For producers of corn-based or non-corn-based ethanol

products. (TC-11A)

or soy-based or non-soy-based biodiesel. (TC-40)

012 FAMILY INDEPENDENCE PAYMENTS CREDIT: For

041

RENEWABLE FUEL FACILITY CREDIT: For

employers hiring qualifying recipients of Family

constructing a renewable fuel production or distribution

Independence Payments. (TC-12)

facility in South Carolina. (TC-41)

COMMUNITY DEVELOPMENT CREDIT: For investing

014

045

APPRENTICESHIP CREDIT: For employing an

amounts in qualifying community development

apprentice. (TC-45)

corporations or financial institutions. (TC-14)

048

NEW PLUG-IN HYBRID VEHICLE CREDIT: For

017 RECYCLING FACILITY CREDIT: For taxpayers

in-state purchase or lease of a new plug-in hybrid

constructing or operating a qualified recycling facility

vehicle.

when investing in recycling property. (TC-17)

You must file TC-48A to have this credit preapproved.

050

BIOMASS RESOURCE CREDIT: For costs incurred by

018 RESEARCH EXPENSES CREDIT: For taxpayers

corporation for purchases and installation of equipment

claiming a federal research expenses credit. (TC-18)

used to create power, etc. for commercial use. (TC-50)

QUALIFIED CONSERVATION CONTRIBUTION

019

You must file TC-50A to have this credit preapproved.

CREDIT: For donating a qualifying gift of land for

051

VENISON FOR CHARITY CREDIT: For processing deer

conservation or a qualified conservation contribution of a

meat for charity. (TC-51)

real property interest. (TC-19)

020 BROWNFIELDS CLEANUP CREDIT: For costs of

052 FIRE SPRINKLER SYSTEM CREDIT: 25% of costs of

voluntary cleanup activity by a nonresponsible party.

voluntarily installing a fire sprinkler system in a structure.

(TC-20)

(TC-52)

053 ENERGY EFFICIENT MANUFACTURED HOME

CERTIFIED HISTORIC STRUCTURE CREDIT: For

021

CREDIT: $750 credit for new purchase of an Energy

rehabilitation projects that qualify for the federal credit.

Star manufactured home. (TC-53)

(TC-21)

Form Sc 1120-Tc - Corporate Tax Credits Page 3

Related Articles

Related forms

Related Categories