South Carolina Tax Credit Update: Angel Investor Tax Credit Deadline Approaching
Are you a South Carolina angel investor who made an eligible investment in a qualified business during 2014?
If so, you’re required to submit Form Sch. TC-56A, Application for Angel Investor, by December 31, 2014, for approval and allocation of the credit. Credits will be approved on or before January 31, 2015, by the Department of Revenue for taxpayers up to the annual $5 million limit.
Further, if any of your 2014 tax credits are approved, they may be taken on your 2014 South Carolina income tax return. If the annual limit is reached, however, your tax credits will be allocated on a pro-rata basis.