South Carolina Solar Tax Credit 2016

Any portion of the tax credit that exceeds 3 500 can be claimed in future tax years.

South carolina solar tax credit 2016.

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. South carolina s tax credits may be earned by individuals c corporations s corporations partnerships sole proprietors and limited liability companies. Taxcredits dor sc gov angel investor credit parental refundable credit and education donor nonrefundable credit. The largest credit that can be applied in a single year is 3500 or 50 of your state tax liability whichever is less.

Credits are usually used to offset corporate income tax or individual income tax. Application for solar energy property credit. 25 of total system cost up to 35 000. The state of south carolina offers a number of tax incentives for energy efficiency and fuel production.

The credit is found under south carolina deductions and credits. To claim the south carolina tax credit for solar you must file form sc1040tc as part of your state tax return. It is an other non refundable credit. Can only take 3 500 or 50 of your tax liability per year for up to 10 years.

South carolina department of revenue po box 125 columbia sc 29214 0825. A tax credit is an amount of money that can be used to offset your tax liability. South carolina offers state tax credits equal to 25 of the cost of the system. For example if you install a solar system that costs 20 000 your tax credit would be equal to 5 000.

Solar energy property credit. 25 south carolina tax credit for solar energy systems the state of south carolina offers an additional tax credit for home and business owners who go solar worth 25 of the total cost including installation. For a list of incentives by category visit the south carolina tax incentives webpage. Credits not used may be carried forward for ten years.

The energy office works in cooperation with the sc department of revenue to coordinate the application of these incentives. Certification for pv systems. General tax credit questions. Each year a maximum of 3 500 can be applied to your taxes.

Application for clean energy credit. Yes south carolina does give a 25 credit for the purchase of solar energy panels for your home.