Form Sc Sch.tc-34 - Corporate Tax Moratorium Per Section 12-6-3367 (Page 2 of 2) in pdf

SC SCH. TC-34 Instructions - Corporate Tax Moratorium Per Section 12-6-3367

NOTE: THIS NOT A TAX CREDIT.

NEW INFORMATION

Section 12-6-3367 is effective May 31, 2006. If you did not create your first job on or after May 31, 2006, you do not

qualify for the corporate tax moratorium.

GENERAL INSTRUCTIONS

A moratorium reduction may be claimed by a taxpayer which:

creates and maintains at least one hundred new full-time jobs (as defined in Section 12-6-3360(M) - i.e. per the jobs tax

credit) at a facility defined in Section 12-6-3360(M);

may petition, utilizing the procedure in Section 12-6-2320(B), for a moratorium on state corporate income tax imposed

in Section 12-6-530;

creates the new jobs at a manufacturing facility in a county with an average annual unemployment rate of at least twice

the state average during each of the last two completed calendar years, based on the most recent unemployment rates

available, or that is one of the three lowest per capita income counties, based on the average of the three most recent

years of available average per capita income data;

creates the new jobs within 5 years from the date the first new full time job is created (The first new job must be created

on or after May 31, 2006); and

places the investment in the county in which at least ninety percent of the taxpayer's total investment in this state is

located then the taxpayer is allowed a moratorium on state corporate income taxes. This moratorium is for the

company's ten taxable years beginning the first full taxable year after it first qualifies and ending either ten years from

that year or the year when the taxpayer's number of full-time jobs falls below one hundred, whichever is earlier. The

moratorium applies to the portion of the company's corporate income tax that represents the ratio that the company's

new investment in that moratorium county is of its total investments in this State. If a taxpayer creates and maintains at

least two hundred new full-time jobs within five years from the date the taxpayer creates the first new full time job at the

facility, then the moratorium period is extended to 15 taxable years, beginning the first full taxable year after the

taxpayer qualifies and ending either 15 years from that year or the year when the taxpayer's number of full-time new

jobs falls below 200, whichever is earlier.

The moratorium counties are designated by December thirty-first each year using data from the South Carolina

Employment Security Commission and the United States Department of Commerce. The designations are effective for

taxable years that begin in the following calendar year.

NOTE: Please attach a copy of this form to your return for the current year that the moratorium reduction is claimed.

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-34 - Corporate Tax Moratorium Per Section 12-6-3367 Page 2