Make a gift to your easement holder to fund stewardship costs
When
you donate land or an easement, or sell your property for
less than fair market value for conservation purposes, you
may be eligible for a South Carolina income tax credit for
25% of the value of the donation up to $250 per acre. You can use the credits to the extent of your tax liability up to $52,500 per year. You can carry forward any unused credits for an unlimited number of years, or you
can gift or sell any unused credits. You can even donate credits to your local land trust to help
fund conservation efforts in your community.
Since your qualified gift is deductible at the federal and
state levels, you may not have the tax liability to benefit
from the credits on your personal tax returns. The
SC Conservation Credit Exchange finds qualified buyers for
your credits by educating taxpayers and their financial advisors
about the benefits of conservation tax credits. We have
developed year-round demand for the credits so you don't have to wait until year end to sell your credits. You are eligible to sell your credits after you have filed your South Carolina tax return and claimed the credits.
To begin the process, follow
the steps listed below.
You pay no upfront fees. We deduct
a transaction fee at the time of closing that covers the Exchange's expenses.
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.
The Exchange was created with you and your needs – conversion
of credits to cash – in mind.
Competitive Price – The
Conservation Credit Exchange works to find buyers for
your credits. We
create a market for your credits by educating potential buyers and their financial advisors
about the benefits of buying 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 ensure that you meet all of the steps necessary
to complete the transaction. We help you gather the information
necessary to sell your credits using simple forms; we review
your credits to see if they meet our rigorous standards; we
bring you a pre-qualified buyer; we process the transfer through the Department
of Revenue. We can work with your tax advisor to streamline the process and ensure your best interests are served. In short, we do most of
the work for you.
Credibility – While
no organization can guarantee that the IRS won’t challenge
the value of your deduction, we add vast experience and understanding
about conservation easements, land trusts and tax rules. Our
added level of review and credibility offers a higher degree
of confidence to you – and to others – that
your easement is both in keeping with the IRS and South Carolina
tax code and is appropriately valued.
Commitment – Finally,
we share similar interests. You provided a land or conservation
easement donation not for the tax gains alone, but also because
you care about your land and want to see it protected in
perpetuity. We believe in the same goals.
Seller
Steps for Consideration of Transfer of
Tax Credits
Step 1: Call us, we will be glad to walk you through the steps. 704 975-3016.
Step 2: Email us a copy of your SC Form TC-19, Federal Form 8283, Summary of Appraisal, and
Gift Acknowledgement Letter.
Step 3: We will call you to
let you know if we will market your credits.
Step
4: We will send you the transfer forms to complete the sale of your tax credits. We will forward your payment to you when we receive transfer approval from the SC Department of Revenue.
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 about the technical aspects of the sale, purchase
and use of credits.