South Carolina Form 4972 Tax on Lump Sum Distributions

South Carolina provisions for lump-sum distributions are the same as the federal provisions. If you used the federal 4972 for a lump-sum distribution, you must use the SC4972 to compute the South Carolina [...]

South Carolina Water Resources Credit Restoration Costs

The Water Resources Credit encourages the construction of water storage and control structures for soil and water conservation, wildlife management, agriculture, and aquiculture purposes. This tax credit does NOT apply to any pond, lake, or other water impoundment or water control structure located in or adjacent to and filled primarily by coastal waters of the state. An Income Tax credit is [...]

South Carolina Credit For Taxes Paid to Another State

CREDIT FOR TAXES PAID TO ANOTHER STATE: For resident and part-year resident taxpayers paying tax to South Carolina and another state on the same income. (SC1040 TC Worksheet) The credit for taxes paid to another state is available for a South Carolina resident or part-year resident who paid Income Tax to both South Carolina and another state on the same income. To claim the credit, you must [...]

South Carolina Certified Historic Residential Structure Credit

CERTIFIED HISTORIC RESIDENTIAL STRUCTURE CREDIT: For taxpayers completing qualifying residential rehabilitation projects. (TC-22) This credit is available for rehabilitation expenses to a certified historic residential structure, as defined below, for expenses incurred in taxable years beginning after 2002 and if the property is placed in service after June 30, 2003. The credit is 25% of [...]

South Carolina Community Development Tax Credit

COMMUNITY DEVELOPMENT CREDIT: For taxpayers investing amounts in qualifying community development corporations or financial institutions. (TC-14) A taxpayer investing in a certified community development corporation or a community development financial institution is allowed a credit under SC Code Section 12-6-3530 against state Income Tax, Bank Tax, or Insurance Premium Tax. Certificate [...]