Form Sc Sch.tc 11-R - Recapture Of Economic Impact Zone Property Investment Credit (Page 2 of 2) in pdf

Form Sc Sch.tc 11-R - Recapture Of Economic Impact Zone Property Investment Credit Page 2

GENERAL INFORMATION

For property placed in service on or after August 31, 1998, recapture occurs if the taxpayer disposes of or removes from

the economic impact zone, qualified manufacturing and productive property before the end of the cost recovery period for

such property as determined under Section 168(e) of the Internal Revenue Code. The recapture tax is an increase in

income tax of the pro rata amount of any credit claimed in prior years with respect to the property. For recapture the credit

is assumed to be earned ratably over the useful life of the property and recapturing prorata the unearned portion of the

credit.

Any basis reduction as a result of claiming the credit is restored upon recapture of the credit. For more information see

S.C. Code Section 12-14-60 as amended effective August 31, 1998.

* If credit was limited by the $5 million maximum for SC1120U filers for investments on or after August 31, 1998, enter the

reduced amount and attach computation schedule.

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 11-R - Recapture Of Economic Impact Zone Property Investment Credit Page 2