Form SC1040TC "Tax Credits" - South Carolina

What Is Form SC1040TC?

This is a legal form that was released by the South Carolina Department of Revenue - a government authority operating within South Carolina. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on October 15, 2019;
  • The latest edition provided by the South Carolina Department of Revenue;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a printable version of Form SC1040TC by clicking the link below or browse more documents and templates provided by the South Carolina Department of Revenue.

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Download Form SC1040TC "Tax Credits" - South Carolina

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SC1040TC
STATE OF SOUTH CAROLINA
DEPARTMENT OF REVENUE
(Rev. 10/15/19)
2019 TAX CREDITS
dor.sc.gov
3913
Name
Social Security Number
Most tax credits are computed on separate tax credit schedules. Attach tax credit schedules for all tax credits you claim, along
with the SC1040TC Worksheet and the SC1040TC, to your Income Tax return. Tax credits may be disallowed if necessary
schedules are not attached to your return.
.
For line 6 through line 15, enter the credit description, the associated code, and the dollar amount of the credit claimed
You can find
credit codes and descriptions, along with the required tax schedule for each credit, beginning on page 4.
Credit Description
Code
Amount
1.
Total credit for taxes paid to another state
.00
(Attach SC1040TC worksheet for each state) .............................
1.
100
$
.00
2.
Carryover of unused qualified credits ..............................................
2.
$
101
.00
3.
Excess Insurance Premium Credit ..................................................
3.
044
$
.00
4.
New Jobs Credit ..............................................................................
4.
004
$
.00
5.
019
5.
Qualified Conservation Contribution Credit......................................
$
.00
6.
$
6.
.00
7.
$
7.
.00
8.
$
8.
.00
9.
9.
$
.00
10.
10.
$
.00
11.
11.
$
.00
12.
$
12.
.00
13.
$
13.
.00
14.
$
14.
.00
15.
15.
$
.00
16.
Total nonrefundable tax credits (add line 1 through line 15).......................................
16.
$
.00
17.
Enter the tax from SC1040, line 10 ...................................................................................
17.
$
.00
18.
18.
Enter the lesser of line 16 or line 17..................................................................................
$
For an individual, enter this amount on SC1040, line 13.
For a Fiduciary, enter this amount on SC1041, line 10.
SC 1040 Filers:
Include this form and a complete copy of your federal return with your SC1040. If claiming credit for taxes paid to
another state, also include a copy of each tax return filed with another state.
SC1041 or SC1065 Filers:
Include this form with your SC1041 or SC1065.
39131198
1350
SC1040TC
STATE OF SOUTH CAROLINA
DEPARTMENT OF REVENUE
(Rev. 10/15/19)
2019 TAX CREDITS
dor.sc.gov
3913
Name
Social Security Number
Most tax credits are computed on separate tax credit schedules. Attach tax credit schedules for all tax credits you claim, along
with the SC1040TC Worksheet and the SC1040TC, to your Income Tax return. Tax credits may be disallowed if necessary
schedules are not attached to your return.
.
For line 6 through line 15, enter the credit description, the associated code, and the dollar amount of the credit claimed
You can find
credit codes and descriptions, along with the required tax schedule for each credit, beginning on page 4.
Credit Description
Code
Amount
1.
Total credit for taxes paid to another state
.00
(Attach SC1040TC worksheet for each state) .............................
1.
100
$
.00
2.
Carryover of unused qualified credits ..............................................
2.
$
101
.00
3.
Excess Insurance Premium Credit ..................................................
3.
044
$
.00
4.
New Jobs Credit ..............................................................................
4.
004
$
.00
5.
019
5.
Qualified Conservation Contribution Credit......................................
$
.00
6.
$
6.
.00
7.
$
7.
.00
8.
$
8.
.00
9.
9.
$
.00
10.
10.
$
.00
11.
11.
$
.00
12.
$
12.
.00
13.
$
13.
.00
14.
$
14.
.00
15.
15.
$
.00
16.
Total nonrefundable tax credits (add line 1 through line 15).......................................
16.
$
.00
17.
Enter the tax from SC1040, line 10 ...................................................................................
17.
$
.00
18.
18.
Enter the lesser of line 16 or line 17..................................................................................
$
For an individual, enter this amount on SC1040, line 13.
For a Fiduciary, enter this amount on SC1041, line 10.
SC 1040 Filers:
Include this form and a complete copy of your federal return with your SC1040. If claiming credit for taxes paid to
another state, also include a copy of each tax return filed with another state.
SC1041 or SC1065 Filers:
Include this form with your SC1041 or SC1065.
39131198
1350
STATE OF SOUTH CAROLINA
SC1040TC
DEPARTMENT OF REVENUE
(Rev. 10/15/19)
CREDIT FOR TAXES
3913
PAID TO ANOTHER STATE
dor.sc.gov
2019
WORKSHEET FOR TAXES PAID TO
(enter name of state)
This credit is available for South Carolina residents and part-year residents only. Complete a separate worksheet for each state. Use
the SC1040TC instructions to complete this worksheet. Include the SC1040TC and SC1040TC Worksheet with your SC1040.
Cents
Dollars
00
1. South Carolina gross income (enter amount from instructions for line 1, E) ..................................... 1.
00
2. Portion of line 1 taxed by another state (see instructions) ................................................................. 2.
3. Percentage (divide line 2 by line 1)
%
Round to two decimal places. Cannot be greater than 100%............................................................. 3.
00
4. Amount of South Carolina tax from SC1040, line 10.......................................................................... 4.
00
5. Tentative credit. (multipy line 3 by line 4)............................................................................................ 5.
6. Net tax due the other state on income from line 2
00
See instructions. Do not use withholding from W2 ............................................................................. 6.
00
7. Allowable credit (lesser of line 5 or line 6)........................................................................................... 7.
Add the amounts from line 7 of each state worksheet, and enter the total on SC1040TC, line 1.
WORKSHEET FOR TAXES PAID TO
(enter name of state)
This credit is available for South Carolina residents and part-year residents only. Complete a separate worksheet for each state. Use
the SC1040TC instructions to complete this worksheet. Include the SC1040TC and SC1040TC Worksheet with your SC1040.
Dollars
Cents
00
1. South Carolina gross income (enter amount from instructions for line 1, E)....................................... 1.
00
2. Portion of line 1 taxed by another state (see instructions).................................................................. 2.
3. Percentage (divide line 2 by line 1)
%
Round to two decimal places. Cannot be greater than 100%............................................................. 3.
00
4. Amount of South Carolina tax from SC1040, line 10.......................................................................... 4.
00
5. Tentative credit. (multiply line 3 by line 4)........................................................................................... 5.
6. Net tax due the other state on the income from line 2
00
See instructions. Do not use withholding from W2 ............................................................................. 6.
00
7. Allowable credit (lesser of line 5 or line 6).......................................................................................... 7.
Add the amounts from line 7 of each state worksheet, and enter the total on SC1040TC, line 1.
39132196
INSTRUCTIONS
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 have filed a return with the other state and had a
tax liability. Tax liability is the tax computed on the other state's return. It is not the tax withheld for the other state from your W2 wages.
Complete a separate worksheet for each state. Include the SC1040TC and all worksheets with your SC1040, along with a copy of your
federal return and the other states' returns.
Line instructions
Line 1:
Enter your federal gross income, adjusted by applicable South Carolina additions and subtractions.
SC1040 filers: Complete the following worksheet to calculate the amount to enter on line 1 as your South Carolina gross income.
A.
A. Total income from federal return received while a resident of South Carolina ...................................................
B.
B. Enter amounts from SC1040, line b and line d* .......................................................................................................
C.
C. Add line A and line B ...............................................................................................................................................
<
>
D.
D. Enter amounts from SC1040, lines f through j, lines m through q, line s and t, and line w*.....................................
E.
E. Subtract line D from line C. Enter on line 1 of the credit worksheet ........................................................................
*Consider amounts entered on SC1040 line e (other additions) and line v (other subtractions) individually to determine if they affect line
1 of the credit worksheet. Adjustments that affect line 1 are those found in Article 9 and Article 17 of Title 12, Chapter 6 of the SC Code
of Laws. Find more information on the SC Code of Laws at dor.sc.gov/policy.
Example: W's federal gross income is $36,000. The South Carolina adjustments are:
State refund (SC1040 line f): $300
Out-of-state loss on rental property (SC1040 line b): $4,500
Interest from US Bond (SC1040 line m): $200
W will complete the worksheet above as follows:
$36,000
A. Total income from federal return received while a resident of South Carolina ...................................................
A.
$4,500
B. Enter amounts from SC1040, line b and line d* .......................................................................................................
B.
$40,500
C. Add line A and line B ...............................................................................................................................................
C.
<
>
$500
D. Enter amounts from SC1040, lines f through j, lines m through q, line s and t, and line w*.....................................
D.
$40,000
E. Subtract line D from line C. Enter on line 1 of the credit worksheet ........................................................................
E.
W will enter $40,000 on line 1 of the credit worksheet.
SC Schedule NR filers: Begin with line 16, Column B. Subtract the South Carolina adjustments from line 33 through line 37. Consider
additions on line 32 and subtractions on line 41 individually to determine if they affect South Carolina gross income. Enter the total on
line 1 of the credit worksheet.
Line 2
: Enter the portion of the gross income included in line 1 that was taxed by the other state.
Example 1: X is a full-year resident of South Carolina who works in another state. Total income from the federal return is $50,000, with
no South Carolina adjustments. Wages in the other state are $20,000. This is the only income shown on the other state's return.
X will enter $50,000 on line 1 and $20,000 on line 2.
Example 2: Y is a full-year resident of South Carolina who works in another state. Total income from the federal return is $50,000.
Wages in the other state are $20,000, and there is $10,000 of rental income from a property located in the other state. The $10,000 of
rental income is not taxed by South Carolina.
Y will enter $40,000 ($50,000 minus the $10,000 adjustment for out-of-state income) on line 1 and $20,000 on line 2.
Only enter gross income taxed by both South Carolina and another state.
Line 3
: Divide line 2 by line 1. This is the percentage of income taxed by both South Carolina and the other state. Round to two
decimal places, and do not enter an amount greater than 100%.
Line 4
: Enter the amount of tax from line 10 of the SC1040.
Line 5
: Multiply line 4 by line 3. This is your tentative credit.
Line 6
: Enter the portion of the tax paid to the other state which is based on income taxed by both states. Do not use withholding
amounts shown on your W2 forms.
Example: Z's other state's return shows $5,000 in wages, $7,000 in rental income from the other state, and $8,000 from the sale of a
house located in the other state ($20,000 total income). The other state's total tax liability is $546. Since only the $5,000 in wages is
subject to tax in both states, compute line 6 as follows:
$ 5,000
X
$546 = $137
$20,000
Line 7
.
: The credit is limited to the lesser of South Carolina tax or the other state's tax on the income being taxed by both states
If you are calculating the credit for more than one state, complete a worksheet for each state. Total line 7 from all worksheets and enter
the total credit on the SC1040TC, line 1.
If the other state later refunds or credits part of the tax which generated this credit, you must file an amended return and repay the
SCDOR within 60 days of receiving the refund or notice of the credit from the other state.
Credit descriptions
CODE TITLE: Description. (Form)
100 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)
101 CARRYOVER OF UNUSED QUALIFIED CREDITS: Enter the carryover of unused nonrefundable credits from prior years.
Refer to the applicable tax credit schedule for the maximum credit and period of time to carryover. Attach a breakdown of the
credit by type and year started.
044 EXCESS INSURANCE PREMIUM CREDIT: For individuals paying excess premiums for property and casualty insurance on
their legal residence. (TC-44)
004 NEW JOBS CREDIT: For qualifying employers that create and maintain 10 or more full-time jobs. This credit is limited to 50%
of your tax liability. (TC-4)
019 QUALIFIED CONSERVATION CONTRIBUTION CREDIT: For taxpayers donating a qualifying gift of land for conservation or
a qualified conservation contribution of a real property interest. (TC-19)
001 DRIP/TRICKLE IRRIGATION SYSTEMS CREDIT: For taxpayers purchasing and installing conservation tillage equipment,
drip/trickle irrigation system, or dual purpose combination truck and crane equipment. (TC-1)
002 MINORITY BUSINESS CREDIT: For state contractors that subcontract with socially and economically disadvantaged small
businesses. (TC-2)
003 WATER RESOURCES CREDIT: For taxpayers investing in the construction of water storage and control structures for soil
and water conservation, wildlife management, agriculture and aquaculture purpose. (TC-3)
102 NURSING HOME CREDIT: For individuals paying expenses for their own support or the support of another to an institution, in
any state, providing nursing facility level of care or to a provider for in-home or community care. A physician must certify that
nursing care is needed. No credit is allowed for expenses paid from public source funds (such as Medicaid or Veterans
Administration). The credit is for 20% of the expenses paid, up to a maximum credit allowed of $300. There is no carryover if
the credit is more than the amount of tax due. There is no separate form for this credit.
104 SMALL BUSINESS JOBS CREDIT: For qualifying small businesses that create and maintain 2 or more full-time jobs. This
.
credit is limited to 50% of your tax liability
(TC-4SB)
204 ACCELERATED SMALL BUSINESS JOBS CREDIT: For qualifying small businesses that create 2 or more full-time jobs.
This credit is limited to 50% of your tax liability. (TC-4SA)
005 SCENIC RIVERS CREDIT: For taxpayers donating certain lands adjacent to designated rivers or sections of a river. (TC-5)
007 PALMETTO SEED CAPITAL CREDIT: For taxpayers investing in the Palmetto Seed Capital Corporation. (TC-7)
009 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)
011 CAPITAL INVESTMENT CREDIT: For taxpayers placing qualifying manufacturing and production equipment in service.
(TC-11)
012 FAMILY INDEPENDENCE PAYMENTS CREDIT: For employers hiring qualifying recipients of Family Independence
Payments. (TC-12)
CODE TITLE: Description. (Form)
014 COMMUNITY DEVELOPMENT CREDIT: For taxpayers investing amounts in qualifying community development corporations
or financial institutions. (TC-14)
018 RESEARCH EXPENSES CREDIT: For taxpayers claiming a federal research expenses credit. This credit is limited to 50% of
your tax liability after other credits are applied. (TC-18)
020 BROWNFIELDS CLEANUP CREDIT: For taxpayers participating in a voluntary cleanup activity by a nonresponsible party
under the Brownfields Voluntary Cleanup Program (TC-20)
021 CERTIFIED HISTORIC STRUCTURE CREDIT: For taxpayers making rehabilitation expenses that qualify for the federal
credit. (TC-21)
022 CERTIFIED HISTORIC RESIDENTIAL STRUCTURE CREDIT: For taxpayers completing qualifying residential rehabilitation
projects. (TC-22)
023 TEXTILES REHABILITATION CREDIT: For taxpayers rehabilitating an abandoned textile manufacturing facility. (TC-23)
024 COMMERCIALS CREDIT: For production companies producing commercials in South Carolina. (TC-24)
025 MOTION PICTURES CREDITS AFTER JUNE 30, 2004: For taxpayers investing in motion picture projects or motion picture
production or post-production facilities in South Carolina. This credit, when combined with other credits, is limited to 50% of
your tax liability. (TC-25)
026 VENTURE CAPITAL INVESTMENT CREDIT: For taxpayers lending money to the SC Venture Capital Authority (TC-26)
027 HEALTH INSURANCE POOL CREDIT: For individuals acquiring replacement health insurance coverage through the SC
Health Insurance Pool. (TC-27)
028 SC QUALITY FORUM CREDIT: For taxpayers participating in quality programs of the SC Quality Forum. (TC-28)
029 QUALIFIED RETIREMENT PLAN CONTRIBUTION CREDIT: For individuals who paid taxes to another state on qualified
retirement plan contributions not exempt from the other state’s Income Tax. (TC-29)
030 PORT CARGO VOLUME OR PORT TRANSPORTATION CREDIT: For taxpayers increasing usage by volume at state ports,
or taxpayers awarded a port transportation credit for their transportation costs. (TC-30)
032 PREMARITAL PREPARATION COURSE CREDIT: For individuals attending a qualifying marriage preparation course prior to
obtaining a South Carolina marriage license. (TC-32)
035 ALTERNATIVE MOTOR VEHICLE CREDIT: For taxpayers purchasing qualified vehicles under Internal Revenue Code 30B.
(TC-35)
036 INDUSTRY PARTNERSHIP FUND CREDIT: For taxpayers contributing to the SC Research Authority’s Industry Partnership
Fund. (TC-36)
038 SOLAR ENERGY OR SMALL HYDROPOWER SYSTEM OR GEOTHERMAL MACHINERY AND EQUIPMENT CREDIT: For
taxpayers installing a solar energy system, small hydropower system, or geothermal machinery and equipment in a South
Carolina facility. This credit is limited to the lesser of $3,500 per facility or 50% of your tax liability. (TC-38)
040 ETHANOL OR BIODIESEL PRODUCTION CREDIT: For producers of corn-based or non-corn-based ethanol or soy-based or
non-soy-based biodiesel. (TC-40)
041 RENEWABLE FUEL FACILITY CREDIT: For taxpayers constructing a renewable fuel production or distribution facility in
South Carolina. (TC-41)
043 RESIDENTIAL RETROFIT CREDIT: For individuals retrofitting a residence to make it more resistant to loss due to hurricane,
rising floodwater, or other catastrophic windstorm event. (TC-43)
045 APPRENTICESHIP CREDIT: For taxpayers employing an apprentice. (TC-45)
046 CREDIT FOR SHAREHOLDER OF S CORPORATION BANKS: For shareholders of S corporations operating as banks.
(TC-46)
051 VENISON FOR CHARITY CREDIT: For taxpayers processing deer meat for charity. (TC-51)
052 FIRE SPRINKLER SYSTEM CREDIT: For taxpayers voluntarily installing a fire sprinkler system in a structure. (TC-52)
053 ENERGY EFFICIENT MANUFACTURED HOME CREDIT: For taxpayers purchasing a new Energy Star manufactured home.
(TC-53)
054 CLEAN ENERGY CREDIT: For companies investing in production of clean energy systems or components. (TC-54) You
must file TC-54A and receive pre-approval prior to claiming this credit.
055 ABANDONED BUILDINGS REVITALIZATION CREDIT: For taxpayers rehabilitating an abandoned building. (TC-55)
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