South Carolina Solar Tax Credit Form

Credits are fully claimed.

South carolina solar tax credit form.

South carolina solar energy tax credit. The epa s national priority list equivalent sites. Includes costs of installing systems that generate electricity without cooling or heating. Cut the cost of installing solar on your home by a quarter with south carolina s state tax credit for solar energy.

Credits are usually used to offset corporate income tax or individual income tax. A tax credit is an amount of money that can be used to offset your tax liability. Credits not used may be carried forward for ten years. For installing a solar energy system or small hydropower system in a south carolina facility tc 38.

To claim the south carolina tax credit for solar you must file form sc1040tc as part of your state tax return. South carolina s tax credits may be earned by individuals c corporations s corporations partnerships sole proprietors and limited liability companies. Includes a system installed in or on a facility in south carolina owned by the taxpayer. The environmental protection agency s epa national priority list 2.

South carolina s solar energy tax credit passed by the state legislature lets residents claim a state tax credit of 25 of the whole installed cost of a solar pv system. You can search by form name or number at dor sc gov forms nonrefundable tax credits. The credit for a small hydropower system may be claimed only if the system was installed on or after july 1 2009. The largest credit that can be applied in a single year is 3500 or 50 of your state tax liability whichever is less.

The corresponding code is 038 solar energy or small hydropower system credit. South carolina department of revenue po box 125 columbia sc 29214 0825. 058 solar energy property credit 059 alternative fuel property credit. In order to qualify for the credit the solar energy property must be located in south carolina placed in service in this state during the taxable year and be located on.

The solar energy or small hydropower system credit.