Form Sc Sch.tc-25 - Motion Picture Credits After June 30, 2004

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STATE OF SOUTH CAROLINA
1350
1350
SC SCH.TC-25
DEPARTMENT OF REVENUE
MOTION PICTURE CREDITS
(Rev. 7/20/07)
3388
AFTER JUNE 30, 2004
20
Attach to your Income Tax Return
Name As Shown On Tax Return
SS No. or Fed. EI No.
Part I
Investment in a Qualified South Carolina Motion Picture Project
(The project must incur at least $250,000 of costs directly in South Carolina.)
(A)
Computation for investors other than those in an equity fund.
1. Value of direct cash investment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.
2. Multiply line 1 by 20% and enter amount. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.
$ 100,000
3. Credit limit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.
4. Enter the lesser of lines 2 and 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.
If the direct investor (the company producing the project) is the ultimate taxpayer (the entity or individual taking the credit),
take the amount to line 1, Part III. Otherwise, this is the credit to pass down to the respective partners, "S" corporation
shareholders, Limited Liability Company (LLC) members or Motion Picture Equity Fund (MPEF) investors by means of
schedule K-1).
(B)
Computation for investors in a motion picture equity fund.
1. Value of investment.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.
2. Multiply line 1 by 20% and enter amount.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.
Pass this amount through to the MPEF investors based on the percentage of their interest in the MPEF. If the investors
are the ultimate taxpayers, they will use this amount to compute the credit on their tax return. If not, this amount will be
passed down further in the tiered arrangement until the ultimate taxpayers receive their share. The preparer of this
schedule should notify those receiving a share of the credit that each ultimate taxpayer will be limited on his share of the
motion picture credit to an amount not exceeding 50% of his tax each year.
Part II
Investment in a South Carolina Motion Picture
Production Facility
or Post-production Facility
(Check to indicate type of facility.)
1.
Value of Investment. See instructions for minimum investment requirement. . . . . . . . .
1.
2.
Multiply line 1 by 20% and enter amount. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.
If the direct investor (the company producing the project) is the ultimate taxpayer (the entity or individual taking the credit),
take the amount to line 2, Part III. Otherwise, pass the credit down to the respective partners, "S" corporation
shareholders, LLC members or MPEF investors by means of Schedule K-1.
Part III Computation of Allowable Credit
1.
Enter the amount from Part I(A), line 4.........................................................................
1.
2.
Enter the amount from Part II, line 2............................................................................
2.
3.
Add lines 1 and 2 and enter the amount.......................................................................
3.
4.
Enter 50% of this year's income tax before all other allowable credits.........................
4.
5.
Enter all other allowable credits for the year.................................................................
5.
6.
Subtract line 5 from line 4.............................................................................................
6.
7.
Enter the lesser of lines 3 and 6. Enter this amount on the appropriate tax credit
schedule.......................................................................................................................
7.
33881020

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