South Carolina ~ Corporate Income Tax: Application Deadline for Angel Investor Credit Approaching; Additional Guidance Issued

The South Carolina Department of Revenue (DOR) has issued an information letter reminding taxpayers applying for the Angel Investor tax credit that the deadline for submitting applications for investments made during 2015 is December 31, 2015. In addition, the department notes that applications submitted for investments made in future years must be made by December 31st of the year the investment is made. The DOR notes that a temporary budget proviso was enacted in 2015 to assist taxpayers during the first year of the credit. The proviso extended the application deadline for investments made in 2014 to the earlier of July 31, 2015, or the date the aggregate credit cap was reached. This temporary proviso is only effective for investments made in 2014. If the General Assembly reenacts this proviso for the next fiscal year, or any future fiscal year, then the application deadline for the Angel Investor credit would be extended accordingly. However, to ensure eligibility for the credit, taxpayers are advised to submit their application to the DOR for approval no later than December 31 of the year the investment is made.

Information Letter 15-22, South Carolina Department of Revenue, December 16, 2015, ¶400-801



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Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

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