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Screen SCCr - South Carolina Tax Credits (1120)

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Corporate Income Tax Credits

Previously Accrued (C Corp)
Enter the amount of each credit carried forward from a previous year. These amounts are used to complete Form SC1120-TC, Column A. The total of these amounts also prints in Form SC1120, Page 2, Schedule C.
note
Each year proforma updates this column with the amounts from the prior year Form SC1120-TC, Column E Carried Forward.
Earned This Year (C Corp)
Enter the amount of each credit earned in the current year. These amounts are used to complete Form SC1120-TC, Column B. The total of these amounts also prints in Form SC1120, Page 2, Schedule C.
Taken This Year
Enter the amount of each credit taken this year. For C Corps, these amounts are used to complete Form SC1120-TC, Column C. Note that the total credits actually used in Form SC1120, Page 2, Schedule C should be limited to the amount of tax. For S Corps, these amounts are used to complete Form SC1120-TC, columns B and C. These credits also are used to complete Schedule K-1, Shareholder’s Share of South Carolina Income, Deductions, Credits, etc. and the SC Amounts Per IRC 1377 (a)(2) Election Worksheet.
Lost Due to Statute (C Corp)
Enter the amount of each credit lost due to statute. These amounts are used to complete Form SC1120-TC, Column D.

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