Form Sc Sch.tc-14 - Community Development Tax Credit (Page 2 of 2) in pdf

Form Sc Sch.tc-14 - Community Development Tax Credit Page 2

Banks and financial institutions. A bank or financial institution claiming this credit must be chartered by the State of

South Carolina. The bank or financial institution may invest no more than 10% percent of its total capital and surplus

into a qualifying entity.

Carry-forward. If the amount of the credit exceeds the taxpayer's state tax liability for the applicable taxable year, the

taxpayer may carry forward the excess to the immediately succeeding taxable years, but not for any taxable year that

begins on or after ten years from the date of the acquisition of stock or other equity interest that is the basis for the

credit. The amount of the carry-forward must be reduced to the extent that the taxpayer uses the carry-forward to

obtain an additional Community Development Tax Credit for a later taxable year.

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-14 - Community Development Tax Credit Page 2