Fillable Form Sc1120-Tc - Corporate Tax Credits (Page 2 of 3) in pdf

Instructions for Part I Corporate Income Tax Credits

Line 16 -

Total Columns A through E

The Total of Column A, Previously Accrued should be entered on Schedule C, Line 1 of the SC1120, SC1120U,

SC990-T.

The Total of Column B, Earned This Year should be entered on Schedule C, Line 2 of the SC1120, SC1120U,

SC990-T.

The Total of Column C, Taken This Year should be the amount shown on Schedule C, Line 5 of the SC1120, SC1120U,

or SC990-T, as applicable. On the SC1120S this will be passed through to the shareholders and shown on their

SC1120S-K1. Enter credits taken on SC 1101B and SC1104, as applicable.

The Total of Column D, Lost due to Statute should be the amount shown on Schedule C, Line 6 of the SC1120,

SC1120U, or SC990-T, as applicable.

The Total of Column E, Carried Forward should be the amount shown on Schedule C, Line 7 of the SC1120, SC1120U,

or SC990-T, as applicable. Do not include credits passed through to shareholders.

Instructions for Part II Corporate License Fee Credits

Line 7 - Total Columns A through E.

The Total of Column C, Taken This Year should be entered on Line 22 of the SC1120 or Line 16 of the SC1120S. The

credits on this form cannot be used to offset license fees on the SC1120U or the CL-4 returns. For a credit against these

license fees see Section 12-20-105 of the South Carolina Code of Laws.

DEFINITIONS:

PREVIOUSLY ACCRUED: Credits earned but not used in previous years and still available for use in current or future

years.

LOST DUE TO STATUTE: Credits previously earned but lost due to expiration of the time period for claiming them during

this tax year.

CARRIED FORWARD: Credits not used but still available for future use. Do not include credits passed through to

shareholders.

CREDIT DESCRIPTIONS

CODE TITLE: Description. (Form)

PART I CORPORATE INCOME TAX CREDIT CODES

006 INFRASTRUCTURE CREDIT: For construction or

improvements of water lines, sewer lines and road

projects eventually dedicated to public use or qualifying

CODE TITLE: Description. (Form)

private entity. (TC-6)

001 DRIP/TRICKLE IRRIGATION SYSTEMS CREDIT: For

PALMETTO SEED CAPITAL CREDIT: For investing in

007

purchasing and installing conservation tillage equipment,

the Palmetto Seed Capital Corporation. (TC-7)

drip/trickle irrigation system, or dual purpose combination

008 CORPORATE HEADQUARTER CREDIT: For qualifying

truck and crane equipment. (TC-1)

costs related to establishing a corporate headquarters in

CREDIT FOR STATE CONTRACTORS

002

South Carolina or expanding or adding to an existing

SUBCONTRACTING WITH SOCIALLY AND

headquarters. (TC-8)

ECONOMICALLY DISADVANTAGED SMALL

EMPLOYER CHILD CARE CREDIT: For employers that

009

BUSINESS: For state contractors that subcontract with

establish child care programs to benefit employees or

socially and economically disadvantaged small

donate to a non-profit corporation providing child care

businesses. (TC-2)

services to employees. (TC-9)

WATER RESOURCES CREDIT: For investing in the

003

CAPITAL INVESTMENT CREDIT: For placing qualified

011

construction of water storage and control structures for

manufacturing and productive equipment property in

soil and water conservation, wildlife management,

service. (TC-11)

agriculture and aquaculture purpose. (TC-3)

111 CAPITAL INVESTMENT CREDIT FOR PLASTICS AND

NEW JOBS CREDIT: For qualifying employers that

004

RUBBER PRODUCTS MANUFACTURERS: For placing

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

qualified manufacturing and productive equipment

property in service. (TC-11A)

104

SMALL BUSINESS JOBS CREDIT: For qualifying small

businesses that create and maintain 2 or more full-time

012 FAMILY INDEPENDENCE PAYMENTS CREDIT: For

jobs. (TC-4SB)

employers hiring qualifying recipients of Family

ACCELERATED SMALL BUSINESS JOBS CREDIT:

204

Independence Payments. (TC-12)

For qualifying small businesses that create 2 or more

full-time jobs. (TC-4SA)

ADDITIONAL FAMILY INDEPENDENCE PAYMENTS

112

CREDIT: For employers hiring qualified Family

SCENIC RIVERS CREDIT: For donating certain lands

005

Independence Payment recipients in a distressed or least

adjacent to designated rivers or sections of a river.

developed county. (TC-12A)

(TC-5)

Form Sc1120-Tc - Corporate Tax Credits Page 2

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