South Carolina Qualified Retirement Plan Contribution Credit

CREDIT FOR NONRESIDENT RETIREMENT CONTRIBUTIONS South Carolina Code §12-6-3500 provides a credit over the taxpayer’s lifetime for taxes paid on qualified retirement income contributions while residing in a state other than South Carolina. The Department will prescribe the amount of the annual credit based on the taxpayer’s life expectancy at the time the taxpayer is allowed the [...]

South Carolina Family Independence Payments Credit TC-12

FAMILY INDEPENDENCE PAYMENTS CREDIT: For employers hiring qualifying recipients of Family Independence Payments. (TC-12) This credit combined with the jobs tax credit (TC-4), small business job tax credit (TC-4SB), or small business alternative job tax credit (TC-4SA) cannot total more than $5,500 per employee. The credit exists only for the first three consecutive years of employment of [...]

South Carolina Form 4972 Estate Tax

A beneficiary who receives a lump-sum distribution because of a plan participants death must reduce the taxable part of the distribution by any Federal estate tax paid on the lump-sum distribution. Do this by entering on line 15 the Federal estate tax attributable to the lump-sum distribution. South Carolina provisions for lump-sum distributions are the same as the federal provisions. If you [...]

South Carolina Employer Child Care Credit

CHILD CARE PROGRAM CREDIT: For employers that establish child care programs to benefit employees or donate to a non-profit corporation providing child care services to employees. (TC-9) Part I: CREDIT FOR ESTABLISHING A PROGRAM Taxpayers who employ South Carolina residents and establish a child care program for their employees can claim a tax credit under SC Code Section 12-6-3440(A). The [...]

South Carolina Certified Historic Structure Credit

CERTIFIED HISTORIC STRUCTURE CREDIT: For taxpayers making rehabilitation expenses that qualify for the federal credit. (TC-21) The certified historic structure credit is available against Income Tax or Corporate License Tax for qualified rehabilitation expenditures to a certified historic structure, as defined in IRC Section 47 and applicable Internal Revenue Service regulations. A [...]