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The state of South Carolina offers a Research Expenses Credit that is calculated under similar requirements as IRC § 41. The credit is equal to 5% of the qualified expenditures attributed to South Carolina. A taxpayer may claim a credit against Individual, Corporate Income Tax, and Corporate License Fees. The South Carolina R&D credit is claimed using SC Schedule TC-18.
The credit claimed in a tax year cannot exceed 50% of the company’s tax liability for the year after all other credits have been applied.
There is a 10-year carryforward for any unused credit.
Learn more about South Carolina R&D Tax Credit law here.
R&D Tax Credit Available:
C-Corporation, S-Corporations, LLCs, Partnerships
Deadline for Tax Filing:
Due with South Carolina Tax Return
Data Required to Compute Credit:
Claim Period South Carolina Qualified R&D Expenses (QREs)
What Information is needed?
Current year South Carolina QREs
Federal Form 6765
10 Years (No carry-back)
To get an estimate of the potential value of your unclaimed R&D Tax Credits, try out our credit calculator.
Download our R&D Tax Credit Calculator for Android to see how much you can receive from your qualified R&D tax credit expenses.