Form Sc Sch.tc-30 - Port Cargo Volume Increase Income Tax Credit (Page 2 of 2) in pdf

The Council in its discretion may award credit to a taxpayer engaged in the movement of goods imported or exported through South

Carolina's port facilities if the cargo supports a presence in the State and the taxpayer does not have a distribution center in the State

at the time of initial approval of the credit, so long as:

(a) the taxpayer employs at least 250 full-time or full-time equivalent South Carolinians in operations statewide;

(b)

the taxpayer completes the construction of the distribution facility in South Carolina, and is operational, within five years of

the initial approval of the port volume tax credit; and

(c)

the base year for the taxpayer shall be not less than 5,000 TEUs or its non-containerized equivalent. A credit certificate

expires three years after it is issued if satisfactory proof has not been received. A taxpayer who fails to meet the

requirements at the end of the 5-year period must repay the Department a pro rata portion of the credits claimed.

The Council may allocate credits on a monthly, quarterly, or annual basis.

The taxpayer shall claim the credit on its income or withholding tax return in a manner prescribed by the Department. The Department

may require a copy of the certification form issued by the Council be attached to the return or otherwise provided.

If a credit against income tax exceeds the taxpayer's income tax liability for the tax year, the excess amount may be carried forward for

five years and used against income taxes.

If a credit against withholding tax exceeds the taxpayer's withholding tax liability for the tax quarter, the excess amount may be carried

forward for 20 quarters and used against withholding taxes. (Unused credits awarded before 2014 can be carried forward for five

years and used against income taxes only.)

The Departments of Revenue and Commerce may exchange information submitted by a taxpayer claiming this credit.

DEFINITIONS

“TEU” means a 20-foot equivalent unit: a volumetric measure based on the size of a container 20 feet long X 8 feet wide X 8 feet, 6

inches high. A “weighted TEU” is equal to seven and one-half tons. A “measured TEU” is equal to thirty-eight and one-half cubic

meters.

“Base year port cargo volume” initially means the total amount of net tons of non-containerized cargo, measured equivalent of

non-cargo or TEUs of cargo actually transported by way of a waterborne ship through a port facility during the period from January 1st

through December 31st of the same year. Base year port cargo volume must be at least 75 net tons of non-containerized cargo, 385

cubic meters, or 10 TEUs for a taxpayer to be eligible for the credits provided in this section. For a taxpayer that does not ship that

amount in the year ending December 31st of the previous year, including a taxpayer who locates in South Carolina after December

31st of the previous year, its base cargo volume will be measured by the initial January 1st through December 31st calendar year in

which it meets the requirements of 75 net tons of non-containerized cargo, 385 cubic meters, or 10 loaded TEUs. Base year port cargo

volume must be recalculated each calendar year after the initial base year.

“Port facility” means any publicly or privately owned facility located within this State through which cargo is transported by way of a

waterborne ship or vehicle to or from destinations outside this State and which handles cargo owned by third parties in addition to

cargo owned by the port facility's owner.

“Port cargo volume” means the total amount of net tons of non-containerized cargo or containers measured in 20-foot equivalent

units (TEUs) of cargo transported by way of a waterborne ship or vehicle through a port facility, or measured cubic meters of cargo.

Social Security Privacy Act

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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Form Sc Sch.tc-30 - Port Cargo Volume Increase Income Tax Credit Page 2

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