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Form Sc Sch.tc-21 - Credit For A Certified Historic Structure Placed In Service After June 30, 2003 Page 2

LINE 6: The allowable credit cannot exceed this year's tax liability.

LINE 7: The allowable credit is the lesser of the available credit and this year's tax liability.

LINE 8: The amount of available credit you are unable to use this tax year is the amount you are allowed to carry forward

for five consecutive years.

NOTE: When earned by an 'S' corporation owing corporate level income tax, the credit must be used first at the entity

level. Any remaining credit passes through to each shareholder in a percentage equal to each shareholder's percentage of

stock ownership.

The credit earned pursuant to this section by a general partnership, limited partnership, Limited Liability Company, or

other entity taxed as a partnership must be passed through to its partners and may be allocated among partners, including

without limitation, an allocation of the entire credit to one partner, in a manner agreed by the partners that is consistent

with Subchapter K of the Internal Revenue Code. “Partner” means a partner, member, or owner of an interest in the

pass-through entity, as applicable.

Social Security Privacy Act Disclosure

It is mandatory that you provide your social security number on this tax form if you are an individual taking this credit. 42

U.S.C 405(c)(2)(C)(i) permits a state to use an individual's social security number as means of identification in

administration of any tax. SC Regulation 117-201 mandates that any person required to make a return to the SC

Department of Revenue shall provide identifying numbers, as prescribed, for securing proper identification. Your social

security number is used for identification purposes.

The Family Privacy Protection Act

Under the Family Privacy Protection Act, the collection of personal information from citizens by the Department of

Revenue is limited to the information necessary for the Department to fulfill its statutory duties. In most instances, once

this information is collected by the Department, it is protected by law from public disclosure. In those situations where

public disclosure is not prohibited, the Family Privacy Protection Act prevents such information from being used by third

parties for commercial solicitation purposes.

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Form Sc Sch.tc-21 - Credit For A Certified Historic Structure Placed In Service After June 30, 2003 Page 2