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- Save money on your state income
taxes
- Replace quarterly estimated
payments
- Influence how your state tax dollars
are spent
- Know that your purchase supports
conservation in
South Carolina
You purchase conservation credits at a discount
to the face value you claim on your state income tax return.
Use credits in a year that you have high tax liability, or
make it a habit and reduce the cost of your state income
taxes annually. Taxpayers may use conservation credits to
the full extent of their state income tax liability up to
$52,500 in any one year. Any unused portion may be
carried forward. |
| Six
reasons conservation tax credit holders work with us:
Focus – We
are the only organization chartered for the sole
purpose of making a market in South Carolina Conservation Tax
Credits.
Competitive
Price – The
Conservation Credit Exchange works to find credits for you
and educate potential sellers of the costs and benefits of selling
credits.
Professional Assistance – Unlike
other states that currently allow the transfer of conservation
tax credits, South Carolina requires not only notification
to the state but also approval of the transfer before you
can proceed. We work through the South Carolina
Department of Revenue process to obtain approval.
Value – We
are the one-stop-shop for transferring conservation credits. We
review credits to see if they meet our rigorous processes
and we work with the Department of Revenue to gain approval. In
short, we do the work for you.
Credibility – While
no organization can guarantee that the IRS won’t
challenge the value of conservation donations. We add vast
experience and understanding about conservation easements,
land trusts and tax law. Our added level of review and
credibility offers a higher degree of confidence to you – and
to others – that
the conservation donation is both in keeping with
the IRS and South Carolina tax code and is appropriately
valued.
Timeliness – We
will ensure that your credit transaction is completed
in a timely fashion. |
| Example
of Savings |
| Adj. Gross
Income |
SC Tax Liability* |
Paid at 15%
Discount |
Savings |
| $250,000 |
$17,000 |
$14,450 |
$2,550 |
| $350,000 |
$24,000 |
$20,400 |
$3,600 |
| $500,000 |
$34,500 |
$29,300 |
$5,200 |
| $600,000 |
$41,500 |
$35,275 |
$6,225 |
| $750,000 |
$52,000 |
$44,200 |
$7,800 |
| *Assumes
joint filers, 2 exemptions, standard deduction |
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| Buyer
Steps for Consideration of Purchase of
Tax Credits
Step 1: Download, complete and print
the following form: Buyer Form
Step 2: Review all aspects of the agreement then initial,
sign and date the
completed form.
Step 3: Fax or Email the form as an attachment using the fax number or
email address listed on the form.
Step
4: We contact you to confirm receipt of your bid. If your bid is accepted by a seller, we begin processing the transfer of credits. It generally takes 3-4 weeks to complete the transfer. At this point, you
will be asked to submit a check in the name of the
seller which we hold until we have received the authorization from the SC Dept of Revenue to claim the credits on your tax return.
South Carolina Conservation Credit Exchange
helps owners of credits connect with potential buyers. The
Exchange does not offer tax advice. Both buyers and
sellers of credits must rely on their own tax advisors to
advise them as to the technical aspects of the sale, purchase
and use of credits. |
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