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