Sc Sch Tc-4sb -Small Business Jobs Credit (Page 11 of 14) in pdf

STEP 3 Instructions – DETERMINING THE ALLOWABLE CREDIT

100% Allowable Credit

Line 1 100% credit amount for each job

Use the county designation in effect at the time new jobs are created unless a form SC616 is filed with the Department of Revenue

before staffing to "lock in" a different designation. The credit amounts for each designation are:

$8,000 for each new full-time job created in Tier IV counties.

$4,250 for each new full-time job created in Tier III counties.

$2,750 for each new full-time job created in Tier II counties.

$1,500 for each new full-time job created in Tier I counties.

Line 2 Additional credit amount(s)

(1) A facility located in a multi-county business or industrial park is allowed an additional $1,000 credit for each new full-time job created.

(2) A facility located on property where a response action has been completed pursuant to a non-responsible party voluntary cleanup

contract under the Brownfields Voluntary Cleanup Program is allowed an additional $1,000 credit for each new full-time job created.

The additional credit is not allowed to a "responsible party".

Except in Tier IV counties, the maximum aggregate credit for a single employee by combining this credit and the TC-12 and TC-12A

employer tax credits is $5,500.

Line 3 Add lines 1 and 2. This is the amount of credit for each job at or over the 120% threshold.

Line 4 Enter the amount from STEP 2, PART B, line 12 for the appropriate tax year. This is the number of jobs at or over the

120% threshold. Enter -0- if STEP 2, PART B, line 14 is less than 2.

Line 5 Allowable 100% credit. Multiply line 3 by line 4.

50% Allowable Credit

Line 6 50% credit amount for each job

Use the county designation in effect at the time new jobs are created unless a Form SC616 is on file at the Department of Revenue

"locking in" a different designation:

$4,000 for each new full-time job created in Tier IV counties.

$2,125 for each new full-time job created in Tier III counties.

$1,375 for each new full-time job created in Tier II counties.

$750 for each new full-time job created in Tier I counties.

Line 7 Additional credit amount(s). See line 2 instructions.

Line 8 Add lines 6 and 7. This is the amount of credit for each job under the 120% threshold.

Line 9 Enter the amount from STEP 1, PART B, line 12 for the appropriate tax year. This is the total number of qualifying jobs.

Line 10 Line 9 minus line 4. This is the number of jobs under the 120% threshold.

Line 11 Allowable 50% credit. Multiply line 8 by Line 10.

STEP 3 Instructions (continued) – DETERMINING THE ALLOWABLE CREDIT

Total Allowable Credit

Line 12 Add lines 5 and 11. This is the total allowable credit claimed for the tax year.

Line 13 Your carryover credit from prior years. Unused credits may be carried forward for 15 years.

Line 14 Add lines 12 and 13. This is the total of credit claimed for the tax year and carried forward from prior years.

Line 15 Your current tax year tax liability. The amount of credit used in any year is limited to 50% of your tax liability before applying

any other credits.

Line 16 Multiply line 15 by 50% (0.50). See line 15 instructions.

Line 17 Enter the smaller of line 14 or line 16. Enter this amount on the appropriate tax credit Schedule.

Line 18 Line 14 minus line 17. This is the amount of your carryforward, subject to the rule that credits may be carried forward for 15

years.

Pass-through of credit to partners, S-corporation shareholders, and LLC members

Allocate credits earned by partnerships, S-corporations, or limited liability companies taxed as a partnership or S-corporation to the

partners, shareholders or members. The credit passed through is limited to 50% of the partner’s, shareholder's or member's income tax

liability.

Sc Sch Tc-4sb -Small Business Jobs Credit Page 11

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