Gov. Kathy Hochul announced a proposed expansion of the state’s Child Tax Credit known as the Empire State Child Credit. The proposal would increase the maximum credit to $1,000 per child under the age of 4 and $500 per child ages 4 to 16. Families earning up to $170,000 annually would qualify for the credit […]
South Carolina has expanded the corporate headquarters credit so that it also applies to the individual income tax, and references to “corporation” are replaced with references to “taxpayer.” The law is also amended to specify that a taxpayer, or taxpayer’s business unit, doing business solely in South Carolina does not qualify as a headquarters. Qualifying […]
The South Carolina Department of Revenue has released an advisory opinion on the Solar Energy Credit, outlining its application and clarifying its various aspects. The credit is aimed at taxpayers who purchase and install qualifying solar energy systems, small hydropower systems, or geothermal machinery and equipment. The credit is equal to 25% of the costs […]
South Carolina has modified the apprentice credit provisions, which previously allowed a credit amount of $1,000 for each apprentice employed. Under the amended provisions, the credit equals the greater of the cost of the apprenticeship or $1,000 for each apprentice employed, but not to exceed $4,000 for an apprentice, or $6,000 for the youth apprenticeship […]
South Carolina has extended until December 31, 2035, the Abandoned Buildings Revitalization Act, under which income and property tax credits are available to taxpayers who rehabilitate qualified abandoned buildings. Previously, the provisions were set to expire on December 31, 2025. In addition, the maximum income tax credit amount for any taxpayer in a tax year […]
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