(A) A taxpayer may claim as a credit twenty-five percent of all expenditures paid or incurred during the taxable year for the purchase and installation of the following energy conservation and renewable energy production measures:
(1) conservation tillage equipment;
(2) drip/trickle irrigation systems to include all necessary measures and equipment including, but not limited to, dams, pipes, pumps, wells, installation charges and other related expenses; and
(3) dual purpose combination truck and crane equipment.
(B) In the case of pass-through entities, the credit is determined at the entity level and is limited to two thousand five hundred dollars. The maximum amount of credit for all taxpayers, including any credit passed through to the taxpayer from a partnership, "S" Corporation, estate, or trust, is also limited to two thousand five hundred dollars.
(C) The credit may be claimed only one time for each of the three measures.
(D) If the credit exceeds the taxpayer's tax liability for the taxable year, the excess amount may be carried forward for credit against income taxes in the next five succeeding taxable years.
HISTORY: 1995 Act No. 76, Section 1.
Structure South Carolina Code of Laws
Chapter 6 - South Carolina Income Tax Act
Section 12-6-20. Administration and enforcement of chapter.
Section 12-6-40. Application of federal Internal Revenue Code to State tax laws.
Section 12-6-50. Internal Revenue Code sections specifically not adopted by State.
Section 12-6-510. Tax rates for individuals, estates, and trusts for taxable years after 1994.
Section 12-6-515. State individual income tax bracket reduction.
Section 12-6-520. Annual adjustments to individual state income tax brackets; inflation adjustments.
Section 12-6-530. Corporate income tax.
Section 12-6-535. Small business trust taxed at highest rate.
Section 12-6-540. Income tax rates for exempt organizations and cooperatives.
Section 12-6-550. Corporations exempt from taxes imposed by Sections 12-6-530 and 12-6-540.
Section 12-6-560. Computation of resident individual's gross, adjusted gross, and taxable income.
Section 12-6-580. Computation of corporation's gross and taxable income.
Section 12-6-590. Treatment of "S" corporations for tax purposes; shareholders.
Section 12-6-600. Taxation of partnerships.
Section 12-6-610. Computation of gross and taxable income of resident estate or trust.
Section 12-6-630. Taxation of entities not specified or excluded.
Section 12-6-640. Use of monies appropriated to Commissioners of Pilotage.
Section 12-6-1120. Gross income; computation; modifications.
Section 12-6-1130. Taxable income; computation; modifications.
Section 12-6-1140. Deductions from individual taxable income.
Section 12-6-1160. Dependent deduction for resident individual.
Section 12-6-1171. Military retirement income deduction; definitions; surviving spouse.
Section 12-6-1175. Wages paid to unauthorized alien; business expense deduction disallowed.
Section 12-6-1220. Individual Development Account.
Section 12-6-1610. Definitions.
Section 12-6-1630. Taxation of distributions or at death of account owner.
Section 12-6-1710. Taxation of part-year resident.
Section 12-6-2230. Allocation of income not allocated under Section 12-6-2220.
Section 12-6-2240. Apportionment of all income remaining after allocation.
Section 12-6-2252. Allocation and apportionment of business income.
Section 12-6-2280. Sales factor; definitions.
Section 12-6-2295. Items included and excluded from terms "sales" and "gross receipts".
Section 12-6-2850. Definitions.
Section 12-6-3360. Job tax credit.
Section 12-6-3362. Small business jobs tax credit; alternate method.
Section 12-6-3376. Income tax credit for plug-in hybrid vehicle.
Section 12-6-3377. Hybrid, fuel cell, alternative fuel or lean burn motor vehicle tax credit.
Section 12-6-3378. Tax credits for certain agribusinesses and service-related facilities.
Section 12-6-3380. Tax credit for child and dependent care expenses.
Section 12-6-3381. Premarital preparation course tax credit; form.
Section 12-6-3385. Income tax credit for tuition; definitions.
Section 12-6-3400. Credit for income tax paid by South Carolina resident to another state.
Section 12-6-3410. Corporate income tax credit for corporate headquarters.
Section 12-6-3415. Tax credit for research and development expenditures.
Section 12-6-3420. Tax credit for construction or improvement of infrastructure project.
Section 12-6-3440. Tax credit for employee child care programs.
Section 12-6-3460. Definitions.
Section 12-6-3465. Recycling facility tax credits.
Section 12-6-3470. Employer tax credit.
Section 12-6-3477. Apprentice income tax credit.
Section 12-6-3480. Tax credits.
Section 12-6-3500. Retirement plan credits.
Section 12-6-3530. Community development tax credits.
Section 12-6-3550. Voluntary cleanup activity tax credit; eligibility requirements.
Section 12-6-3570. Motion picture related income tax credit claims.
Section 12-6-3575. Health insurance tax credits.
Section 12-6-3582. Income tax credits; agricultural use of anhydrous ammonia.
Section 12-6-3585. Industry Partnership Fund tax credit.
Section 12-6-3589. Tax credit for effluent toxicity testing.
Section 12-6-3590. Credit for milk producer; promulgation of regulations.
Section 12-6-3600. Credit for ethanol and biodiesel facilities.
Section 12-6-3610. Credit for property used for distribution or dispensing renewable fuel.
Section 12-6-3620. Purchase and installation of equipment to produce energy from biomass resources.
Section 12-6-3622. Fire sprinkler system tax credits.
Section 12-6-3630. Income tax credits; hydrogen research contributions.
Section 12-6-3631. Biodiesel expenditures tax credit.
Section 12-6-3632. Earned income tax credit.
Section 12-6-3660. Tax credit for costs of retrofitting to make residence more hurricane resistant.
Section 12-6-3670. Credit for excess premium paid for property and casualty insurance.
Section 12-6-3695. Alternative fuel property income tax credit.
Section 12-6-3750. Nonrefundable tax credit for processing donated deer for charitable distribution.
Section 12-6-3775. Solar energy tax credits.
Section 12-6-3780. Credit for preventative maintenance.
Section 12-6-3790. Educational Credit for Exceptional Needs Children's Fund.
Section 12-6-3795. South Carolina housing tax credit.
Section 12-6-3800. Income tax credit for service as a preceptor.
Section 12-6-3920. Extension for filing and paying estimated taxes.
Section 12-6-4410. Taxable years.
Section 12-6-4420. Method of accounting.
Section 12-6-4430. "S" corporation elections.
Section 12-6-4910. Persons, corporations, and other entities required to make tax returns.
Section 12-6-4920. Interstate motor carrier required to file return.
Section 12-6-4930. Tax return of estate or trust; by whom to be made.
Section 12-6-4940. Trust institutions maintaining common trust fund must make tax return; contents.
Section 12-6-4950. Information returns.
Section 12-6-4970. Time to file returns.
Section 12-6-4980. Extension of time for filing return.
Section 12-6-5010. Release of claim to personal exemption by custodial parent.
Section 12-6-5030. Composite returns for partnership or "S" corporation.
Section 12-6-5050. Tax preparer's taxpayer identification number.
Section 12-6-5095. Rounding to nearest whole dollar on tax returns.
Section 12-6-5510. Certificate of compliance as prima facie evidence.
Section 12-6-5540. Copies of returns; verification of information on returns.
Section 12-6-5550. State income tax refund as belonging to surviving spouse.
Section 12-6-5570. Authority to make expenditures.
Section 12-6-5580. Failure to do an act deemed committed in person's county of residence.
Section 12-6-5590. Donative intent; requirements; determining factors.
Section 12-6-5595. Timber deeds as real property conveyances.
Section 12-6-5600. Residency of individuals and businesses; boundary clarification.