- 2 -
|
An owner-occupied residence is a building or portion of a building in which you have an ownership interest. After being
placed in service, the building is your residence and is not actively used in a trade or business, held for the production of
income, or held for sales or disposition in the ordinary course of your trade or business.
A property is placed in service when the rehabilitation is completed and allows for the intended use.
Rehabilitation expenses are expenses that you incurred in the certified rehabilitation of a certified historic residential
structure and must be paid before the credit is claimed.
Rehabilitation expenses include expenses for:
• preservation and rehabilitation work done to the exterior of a certified historic residential structure
• repair and stabilization of historic structural systems
• restoration of historic plaster
• energy efficiency measures (excluding insulation in frame walls)
• repairs or rehabilitation of heating, air-conditioning, or ventilating systems
• repairs or rehabilitation of electrical or plumbing systems (excluding new electrical appliances and electrical or
plumbing fixtures)
• architectural and engineering fees
Rehabilitation expenses do not include:
• the cost of acquiring or marketing the property
• the cost of new construction beyond the volume of the existing certified historic residential structure
• the value of an owner's personal labor
• the cost of personal property
Line Instructions
Line 1: Enter the amount of qualified expenses made to a certified historic residential structure located in South Carolina,
placed in service during this tax year.
Line 2: The credit amount is 25% of the rehabilitation expenses.
Line 3: The credit is claimed in equal installments over a 3-year period beginning with the tax year that the property is
placed in service. Enter 33% of line 2 on line 3. If the property was placed in service in a prior year, enter the amount from
line 3 of last year's TC-22.
Line 4: Annual installments that exceed your tax liability can be carried forward for five consecutive years.
Line 5: The total available credit is the amount of this year's annual installment plus any amount carried forward from prior
years.
Line 6: The allowable credit cannot exceed this year's tax liability.
Line 7: The allowable credit is the lesser of the available credit and this year's tax liability.
Line 8: The amount of unused credit. Unused installments of credit may be carried forward for five consecutive years.
How to file
Use this form for property placed in service after June 9, 2015. For property placed in service before that date, use the
previous version of this form. If filing by paper, attach this form to your Income Tax return. If filing electronically, keep a
copy with your tax records.
Social Security Privacy Act Disclosure
It is mandatory that you provide your Social Security Number on this tax form if you are an individual taxpayer. 42 U.S.C. 405(c)(2)(C)(i)
permits a state to use an individual's Social Security Number as means of identification in administration of any tax. SC Regulation
117-201 mandates that any person required to make a return to the SCDOR must provide identifying numbers, as prescribed, for
securing proper identification. Your Social Security Number is used for identification purposes.
The Family Privacy Protection Act
Under the Family Privacy Protection Act, the collection of personal information from citizens by the SCDOR is limited to the information
necessary for the SCDOR to fulfill its statutory duties. In most instances, once this information is collected by the SCDOR, it is protected
by law from public disclosure. In those situations where public disclosure is not prohibited, the Family Privacy Protection Act prevents
such information from being used by third parties for commercial solicitation purposes.
|