Sc Sch.tc-55 - Abandoned Buildings Revitalization Credit
ADVERTISEMENT
1
2
3
4
5STATE OF SOUTH CAROLINA
1350
1350
SC SCH.TC-55
DEPARTMENT OF REVENUE
ABANDONED BUILDINGS
(Rev. 9/16/13)
REVITALIZATION CREDIT
3653
Effective for rehabilitation, renovation, and redevelopment of abandoned
20
buildings begun after 2012. Attach to your Income Tax Return
Names As Shown On Tax Return
SSN or FEIN
Use this form to calculate your income tax credit. File a separate SC SCH. TC-55 for each abandoned building site.
Name of the municipality or unincorporated area and county where the eligible site is located:
1.
Enter the amount of the rehabilitation expenses made to an eligible site placed in service
during the tax year. Do not include expenses incurred before you provided the Notice of
Intent to Rehabilitate to the Department of Revenue. See instructions for minimum
investment requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.
2.
2.
Enter the estimated expenses as reported in the Notice of Intent to Rehabilitate . . . . . . . .
3.
Divide line 1 by line 2. If the result is less than 0.80 (80%), STOP! You do not qualify for
3.
this credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.
Multiply line 2 by 1.25 (125%). This is the maximum amount of expenses eligible for this
4.
credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5. Enter the lesser of line 1 or line 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.
6. Multiply line 5 by 0.25 (25%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.
7.
Maximum credit earned in a tax year for each abandoned building site . . . . . . . . . . . . . .
7.
$500,000.00
8.
Enter the lesser of lines 6 and 7. . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . .
8.
9.
Multiply line 8 by 0.20 (20%) if the phase or portion was placed in service in this tax year;
.
or enter the installment amount from line 9 of TC-55 filed in one of the previous 4 tax
years. This is your annual installment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.
10.
Enter the amount carried forward from previous tax years. Unused credit may be carried
forward for 5 years. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10.
11. Add lines 9 and 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11.
12.
Enter your current year income tax, bank tax, savings and loan tax, or corporate license
fee liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12.
13. Multiply line 12 by 0.50 (50%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13.
14. Enter the lesser of lines 11 and 13. This is your credit used in the current year . . . . . . . . .
14.
(The annual percentage limit per taxpayer is 50% for all eligible sites.)
15.
Subtract line 14 from line 9. This is your unused credit. Unused credit may be carried
forward for 5 years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15.
36531010
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial