On November 4, the South Carolina revenue agency announced that a biomass energy equipment tax credit can now be applied to an individual’s income taxes. The tax credit is for the purchase and installation of equipment, using a fuel with at least 90 percent of a qualifying biomass resource, deployed in creating energy for commercial consumption. A 25 percent credit for qualifying costs, not exceeding $650,000 per year, is applied against an entity's income tax or license fees. Now, a limited liability company taking the credit could pass through the credit to its shareholders, provided there are at least four and they are all South Carolina residents, of an S Corporation owning 60 percent of the parent LLC.
Register Now As you are not an existing subscriber please register for your free daily legal newsfeed service.
RegisterIf you have any questions about the service please contact customerservices@lexology.com or call Lexology Customer Services on +44 20 7234 0606.
Pass-through for South Carolina biomass tax credit
- Mintz Levin Cohn Ferris Glovsky and Popeo PC
- David Leiter, Sarah Litke and Daniel Phillips
- USA
- November 6 2011
-
If you are interested in submitting an article to Lexology, please contact Andrew Teague at ateague@lexology.com.
![]()
How Yee Loh
In-house Counsel
Kuok Group