Sc Sch.tc-55 - Abandoned Buildings Revitalization Credit (Page 5 of 5) in pdf

CAUTION: In order to be deemed an abandoned building site, each unit or parcel requires a separate Notice of

Intent to rehabilitate.

Line 8:

Enter the lesser of line 6 credit based on 25% of eligible expenditures and line 7 maximum credit earned per

year per site.

Line 9:

The entire credit must be taken in equal installments over a 5-year period. If the phase or portion was placed in

service in this tax year, multiply line 8 by 0.20 (20%). If the phase or portion was placed in service in one of the

previous 4 tax years, enter the amount of the installment from line 9 of TC-55 filed in the previous tax year.

Line 10:

Enter the amount carried forward from previous tax years. Unused credit may be carried forward for 5 years.

Line 11:

Add lines 9 and 10.

Line 12:

Enter your current year income tax, bank tax, savings and loan tax, or corporate license fee liability.

Line 13:

The annual limit for credit taken is 50% of the taxpayer's: (a) income tax, bank tax, or savings and loan tax

liability; or (b) corporate license fee, if the taxpayer claims the credit against corporate license fees.

Line 14:

Enter the lesser of line 11 total credit or line 13 annual limit. This is your credit used in the current year. The

annual percentage limit per taxpayer is 50% for all eligible sites.

Line 15:

Subtract line 14 from line 9. This is your unused credit. Unused credits may be carried forward for 5 years.

Social Security Privacy Act Disclosure

It is mandatory that you provide your social security number on this tax form if you are an individual taxpayer. 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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Sc Sch.tc-55 - Abandoned Buildings Revitalization Credit Page 5