South Carolina Community Development Tax Credit
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 requirement: You cannot claim the credit unless you receive certification from SC Commerce that:
1. you are investing in a community development corporation or a community development financial institution
2. the credit available to you will not be more than the annual limit
If you invest in a certified corporation or institution in good faith, you may claim the credit even if SC Commerce later revokes or does not renew the certification.
Credit limits: Beginning with the 2019 tax year, the total amount of community development tax credits available to all taxpayers is $6 million for all tax years. For a single year, the total amount available to all taxpayers is $1 million.
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