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

PART I CODES

CODE TITLE: Description. (Form)

CORPORATE TAX MORATORIUM PER SECTION

014

COMMUNITY DEVELOPMENT CREDIT: For investing

034

amounts not claimed as charitable deductions in

12-6-3367: For qualifying taxpayers that make a

substantial investment and creates at least 100 new,

qualifying community development corporations or

financial institutions. (TC-14)

full-time jobs, a 10 year, or in some cases, a 15 year

moratorium on corporate income taxes. (TC-34)

017 RECYCLING PROPERTY TAX CREDIT PER SECTION

12-6-3460: For taxpayers constructing or operating a

ALTERNATIVE MOTOR VEHICLE CREDIT:Taxpayers

035

qualified recycling facility when investing in recycling

with federal credit allowed under Internal Revenue Code

property. (TC-17)

30B, will receive SC Credit. (TC-35)

018 RESEARCH EXPENSES CREDIT: For taxpayers

036

INDUSTRY PARTNERSHIP FUND CREDIT: For

claiming a federal research expenses credit. (TC-18)

contributing to the SC Research Authority’s Industry

Partnership Fund. (TC-36)

019

QUALIFIED CONSERVATION CONTRIBUTION

037

WHOLE EFFLUENT TOXICITY TESTING CREDIT: For

CREDIT: For donating a qualifying gift of land for

a manufacturing facility incurring costs in complying with

conservation or a qualified conservation contribution of a

whole effluent toxicity testing. (TC-37)

real property interest. (TC-19)

020 CREDIT FOR EXPENSES INCURRED THROUGH

038

SOLAR ENERGY OR SMALL HYDROPOWER

BROWNFIELD VOLUNTARY CLEANUP PROGRAM:

SYSTEM CREDIT: For installing a solar energy or small

For costs of voluntary cleanup activity by a

hydropower system in a South Carolina facility. (TC-38)

nonresponsible party. (TC-20)

040

ETHANOL OR BIODIESEL PRODUCTION CREDIT: For

CERTIFIED HISTORIC STRUCTURE CREDIT: For

021

producers of corn-based or non-corn-based ethanol or

rehabilitation projects that qualify for the federal credit.

soy-based or non-soy-based biodiesel. (TC-40)

(TC-21)

041

RENEWABLE FUEL FACILITY CREDIT: For

023

TEXTILES REHABILITATION CREDIT: For

constructing a renewable fuel production or distribution

rehabilitating an abandoned textile manufacturing facility.

facility in South Carolina. (TC-41)

(TC-23)

APPRENTICESHIP CREDIT: For employing an

045

COMMERCIALS CREDIT: For production companies

024

apprentice. (TC-45)

producing commercials in South Carolina. (TC-24)

048

NEW PLUG-IN HYBRID VEHICLE CREDIT: For

025 MOTION PICTURES CREDITS AFTER JUNE 30, 2004:

in-state purchase or lease of a new plug-in hybrid

For investing in motion picture projects or motion picture

vehicle. (TC-48) Use TC-48A to apply for this credit.

production or post-production facilities in South Carolina

050

BIOMASS RESOURCE CREDIT: For costs incurred by

after June 30, 2004. (TC-25)

corporation for purchases and installation of equipment

VENTURE CAPITAL INVESTMENT CREDIT: For

026

used to create power, etc. for commercial use. (TC-50)

lending money to the SC Venture Capital Authority

(TC-26)

051

VENISON FOR CHARITY CREDIT: For processing deer

meat for charity. (TC-51)

SC QUALITY FORUM CREDIT: For participating in

028

quality programs of the SC Quality Forum. (TC-28)

052 FIRE SPRINKLER SYSTEM CREDIT: 25% of costs of

voluntarily installing a fire sprinkler system in a structure.

030 PORT CARGO CREDIT: For increasing usage by

(TC-52)

volume at state ports. (TC-30)

053 ENERGY EFFICIENT MANUFACTURED HOME

031

RETAIL FACILITIES REHABILITATION CREDIT: For

CREDIT: $750 credit for new purchase of an Energy

revitalizing abandoned retail facilities. (TC-31)

Star manufactured home. (TC-53)

033

CREDIT FOR MERCURY SWITCH DISPOSAL: For

054

CREDIT FOR MANUFACTURING RENEWABLE

vehicle recycler or scrap recycling facility participating in

ENERGY SYSTEMS: For investing in production of

End-of-Life Vehicle Solution (ELVS) Program for each

renewable energy systems and components. (TC-54)

mercury switch collected and admitted for disposal.

(TC-33)

PART II CORPORATE LICENSE FEE CREDIT CODES

CODE TITLE: Description. (Form)

006 INFRASTRUCTURE CREDIT: For construction or

023 TEXTILES REHABILITATION CREDIT: For

improvements of water lines, sewer lines and road

rehabilitating an abandoned textile manufacturing

projects eventually dedicated to public use or qualifying

facility. (TC-23)

private entity. (TC-6)

026 VENTURE CAPITAL INVESTMENT CREDIT: For

lending money to the SC Venture Capital Authority.

008

CORPORATE HEADQUARTER CREDIT: For qualifying

(TC-26)

costs relating to establishing a corporate headquarters in

South Carolina or expanding or adding to an existing

033 CREDIT FOR MERCURY SWITCH DISPOSAL: For

headquarters. (TC-8)

vehicle recycler or scrap recycling facility participating in

End-of-Life Vehicle Solutions (ELVS) program for each

017

RECYCLING PROPERTY TAX CREDIT PER SECTION

mercury switch collected and submitted for disposal.

12-6-3460: For taxpayers constructing or operating a

(TC-33)

qualified recycling facility when investing in recycling

property. (TC-17)

036 INDUSTRY PARTNERSHIP FUND CREDIT: For

contributing to the SC Research Authority’s Industry

018 RESEARCH EXPENSES CREDIT: For taxpayers

Partnership Fund. (TC-36)

claiming a federal research expenses credit. (TC-18)

021 CERTIFIED HISTORIC STRUCTURE CREDIT: For

rehabilitation projects that qualify for the federal credit.

(TC-21)

SEE THE SPECIFIC TAX CREDIT FORM REFERENCED TO GET MORE INFORMATION ON THESE TAX CREDITS

Form Sc1120-Tc - Corporate Tax Credits Page 3

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