Form Sc Sch.tc-20 - Credit For Expenses Incurred Through Brownfields Volu printable pdf download

Form Sc Sch.tc-20 - Credit For Expenses Incurred Through Brownfields Volu

STATE OF SOUTH CAROLINA

1350

SC SCH.TC-20

DEPARTMENT OF REVENUE

CREDIT FOR EXPENSES INCURRED

(Rev. 8/27/08)

THROUGH BROWNFIELDS VOLUNTARY

3376

CLEANUP PROGRAM

Name As Shown On Tax Return

SS No. or Fed. El No.

Total eligible cleanup expenses paid or accrued by all taxpayers (for single site).

PART I - Computation of Tax Credit

Amount of eligible cleanup expenses paid or accrued by the taxpayer during the

current taxable year for Brownfields Voluntary Cleanup Program.

Multiply amount on line 1 by .50 (50%).

Enter amount of carryover of prior year(s) unused Brownfields credit (Attach schedule).

Add lines 2 and 3.

Enter lesser of line 4 or $50,000. (See instructions regarding multiple taxpayers.)

Enter this amount on appropriate tax credit schedule.

(Subject to income tax liability limitation.)

Subtract line 5 from line 4. This is your carryover credit available in future years.

PART II - Computation of Tax Credit for Final Year of Cleanup ONLY:

Amount of expenses paid or accrued or contributions to cleanup throughout project

for Brownfields Voluntary Cleanup Program.

Multiply amount on line 1 by .10 (10%).

Enter lesser of line 2 or $50,000.

PART III - Total Tax Credit for Final Year Only:

Add Part I, line 5 and Part II, line 3. Enter this amount on appropriate tax credit schedule.

(Subject to income tax liability limitation).

IMPORTANT: Attach a copy of the tax credit certificate from the Department of Health and Environmental Control

(DHEC) to this form.

In final year of cleanup as evidenced by DHEC, attach a copy of the certificate of completion for that site as

issued by DHEC.

General Instructions

Code Section 12-6-3550 provides a corporate or individual income tax credit for costs of voluntary cleanup activity by a

nonresponsible party under the Brownfields Voluntary Cleanup Program (Title 44, Chapter 56, Article 7). The credit is

limited to 50% of expenses paid or accrued or contributions made for cleanup of a single site during the taxable year. The

taxpayer may use no more than $50,000 of the credit in any taxable year. Any unused credit up to $100,000 may be

carried forward five years. Multiple taxpayers working jointly to clean up a single site are allowed the credit in the same

proportion as their contribution to payment of cleanup costs.

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Form Sc Sch.tc-20 - Credit For Expenses Incurred Through Brownfields Volu