Connect with us to find out how R&D Tax Credits can boost your organization’s performance.
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.
We were hoping you’d say that. The fundamental truth is that we perform better when we have efficiency and effectiveness in mind.
Minimizing your tax liability only increases your organization’s value and performance, while providing greater opportunity for every dollar.