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1350 STATE OF SOUTH CAROLINA SC SCH.TC-63
DEPARTMENT OF REVENUE (Rev. 6/7/22)
3740
SOUTH CAROLINA HOUSING TAX CREDIT
dor.sc.gov 20
Name SSN or FEIN
If credit was received from a pass-through entity, name and FEIN of entity
1. Number of building projects certified by SC Housing ...................................................................... 1.
2. Total credit allowed by SC Housing for the projects reported on line 1................................................ 2.
(add the credit amounts reported on each eligibility statement)
3. Current year tax liability ............................................................................................................ 3.
4. Allowable credit (lesser of line 2 or line 3)..................................................................................... 4.
Individuals and Fiduciaries: enter the credit on the SC1040TC
Corporations: enter the credit on the SC1120TC
5. Credit carryforward (subtract line 4 from line 2).............................................................................. 5.
Unused credits can be carried forward for up to five years.
INSTRUCTIONS
The South Carolina Housing Tax Credit is available to eligible owners of residential low-income rental buildings. The credit
applies to projects placed in service after January 1, 2020 and before December 31, 2030.
To be eligible for the credit, a project must receive an eligibility statement issued by the South Carolina Housing and Finance
Development Authority (SC Housing).
The eligibility statement must:
• certify that the project qualifies for the credit,
• specify the amount of the credit allowed for the project,
• include the annual amount of South Carolina Housing Tax Credit allocated to the qualified project each year of the
credit period, and
• include the total amount of South Carolina Housing Tax Credit allocated to the qualified project for the entire credit
period.
Your South Carolina credit amount cannot exceed the federal housing credit allowed for the project.
In order to receive your eligibility statement, you must submit a report to SC Housing detailing how the credit will benefit tenants
at the project (for example, reduced rent) or why the credit is necessary for you to undertake the project. You can find more
information about the credit application and approval process at schousing.com.
The total amount of all South Carolina Housing Tax Credits that can be allocated in any calendar year cannot exceed $20
million, plus:
• the total of all unallocated tax credits for any preceding years, and
• the total amount of any previously allocated tax credits that have been recaptured, revoked, canceled, or recovered, but
not allocated.
You may claim the credit against your Income Taxes, License Fees, Bank Taxes, or Insurance Premium Taxes.
If a portion of any federal housing tax credit taken on a project is required to be recaptured, the taxpayer claiming a South
Carolina credit for that project is also required to recapture a portion of the South Carolina credit. To calculate the recapture
amount, use the TC-63R, available at dor.sc.gov/forms.
The credit, and any recaptured credit, must be allocated among some or all of the partners, members, or shareholders of the
entity owning the project. Allocation can be done in any manner agreed to, regardless of whether the partners, members, or
shareholders are allocated or allowed any portion of the federal housing credit.
Taxpayers receiving the credit from a pass-through entity should enter the name and FEIN of the entity earning the credit. Enter
the amount of credit received from the entity on line 2.
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