Do you own a house in South Carolina? If so, the South Carolina Department of Revenue has some tax credits which may apply to you.
The tax credits include:
Certified Historic Residential Structure Credit
- For those who rehabilitate a certified historic residential structure in the state
- Limited to 25% of restoration expenses and must exceed $15,000 within 36 months
- Must be taken over a three-year period
- Has a five-year carryforward
Residential Retrofit Credit
- For those who retrofit their legal residence to be more resistant to hurricanes, floods or catastrophic wind damage
- May claim the lesser of 25% of the costs or $1,000
- May also claim up to $1,500 in Sales and Use Tax paid on purchases of qualifying tangible personal property
Excess Insurance Premium Credit
- For those who pay residential property and casualty insurance premiums in an excess of 5% of their adjusted gross income
- Limited to $1,250
- Has a five-year carryforward
Energy Efficient Manufactured Home Credit
- For those who buy a manufactured home that meets or exceeds the energy-saving efficiency requirements or Energy Star program requirements of the U.S. Environmental Protection Agency or U.S. Department of Energy
- Limited to $750
- Requires a certification letter from the South Carolina Energy Office
Solar energy, small hydropower system, or geothermal machinery and equipment credit
- For those who own and install a solar energy system, small hydropower system or geothermal machinery and equipment
- System must be used for heating water, air cooling, energy generation, space heating, heat reclamation or energy demand response
- Limited to 25% of the cost of purchasing and installing the system
- Cannot exceed $3,500 for each facility or 50% of tax liability
- Has a carryforward of 10 years
All South Carolina tax credits related to home ownership are nonrefundable, which means they cannot reduce your tax liability below zero, and each type of credit applies to specific circumstances.
For more information, visit dor.sc.gov.
