Form Sc Sch.tc-22 - South Carolina Credit For A Certified Historic Residential Structure

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STATE OF SOUTH CAROLINA
1350
1350
SC SCH.TC-22
DEPARTMENT OF REVENUE
CREDIT FOR A CERTIFIED HISTORIC
(Rev. 8/23/07)
RESIDENTIAL STRUCTURE
3382
20
Attach to your Income Tax Return
Name As Shown On Tax Return
SS No. or Fed. EI No.
1.
Enter the amount of rehabilitation expenses made to a property located in SC, placed in
service during this tax year. .....................................................................................................
2.
Enter 25% of the amount on line 1. This is the credit amount earned in the current year..........
3.
Enter 20% of line 2 if the property was placed in service during this tax year; OR enter the
installment amount from line 3 of a previous year's TC-22 if the property was placed in
service before this year. This is your annual installment amount. .............................................
4.
Enter the amount carried forward from previous tax years.........................................................
5.
Add lines 3 and 4. .....................................................................................................................
6.
Enter your current year tax liability.............................................................................................
7.
Enter the lesser of lines 5 and 6. This is your current year credit. Enter this amount on
SC1040TC. ...............................................................................................................................
8.
Subtract line 7 from line 5. This is your credit carryover to future years....................................
INSTRUCTIONS
The certified historic residential structure credit is available for "rehabilitation expenses" to a "certified historic residential
structure," as those terms are defined below. The credit is available if the expenses are incurred in taxable years
beginning after 2002 and if the property is placed in service after June 30, 2003.
The credit is 25% of rehabilitation expenses, which must exceed $15,000 within a 36-month period. The credit has to be
taken in equal installments over a 5-year period. Any unused amount from an installment can be carried forward for five
years.
A taxpayer may not claim more than one credit on the same certified historic residential structure within 10 years.
A "certified historic residential structure" is an owner-occupied residence that is: (a) listed individually in the National
Register of Historic Places; (b) considered by the State Historic Preservation Officer to contribute to the historic
significance of a National Register Historic District; (c) considered by the State Historic Preservation Officer to meet the
criteria for individual listing in the National Register of Historic Places; or (d) an outbuilding of an otherwise eligible
property considered by the State Historic Preservation Officer to contribute to the historic significance of the property.
An "owner-occupied residence" is a building or portion of a building in which the taxpayer has an ownership interest, in
whole or in part, in fee or by life estate or as the income beneficiary of a property trust, that is, after being placed in
service, the residence of the taxpayer and is not: (a) actively used in a trade or business; (b) held for the production of
income; or (c) held for sales or disposition in the ordinary course of the taxpayer's trade or business.
A property is "placed in service" when the rehabilitation is completed and allows for the intended use.
"Rehabilitation expenses" are expenses incurred by the taxpayer in the certified rehabilitation of a certified historic
residential structure, and must be paid before the credit is claimed.
They include expenses for: (a) preservation and rehabilitation work done to the exterior of a certified historic residential
structure; (b) repair and stabilization of historic structural systems; (c) restoration of historic plaster; (d) energy efficiency
measures except insulation in frame walls; (e) repairs or rehabilitation of heating, air-conditioning, or ventilating systems;
(f) repairs or rehabilitation of electrical or plumbing systems exclusive of new electrical appliances and electrical or
plumbing fixtures; and (g) architectural and engineering fees.
33821026

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