Get Tc-23

The TC-23 form allows users to claim a credit for rehabilitation expenses made to eligible textile mill sites in South Carolina. This guide provides you with clear, step-by-step instructions on how to complete this form online, ensuring a smooth filing process.

Follow the steps to successfully complete the TC-23 form online.

1. Use the ‘Get Form’ button to access the TC-23 document. This step allows you to open the form in an online editor for filling out.
2. Begin with line 1 by entering the total rehabilitation expenses for the eligible site that were incurred during the tax year. If this is your first time claiming the credit and you are filing a paper return, ensure you attach any necessary certification.
3. In line 2, calculate your credit amount by entering 25% of the amount you have listed on line 1.
4. For line 3, if the property was placed in service during this tax year, enter 20% of the amount from line 2. For properties placed in service in previous years, input the installment amount from last year's line 3.
5. In line 4, record any amount of credit that you are carrying forward from previous tax years.
6. In line 5, add together the amounts from lines 3 and 4 to get your total available credit.
7. For line 6, state your current year tax liability.
8. Calculate the current year credit limit in line 7 by multiplying the amount entered on line 6 by 50% (0.50).
9. In line 8, enter the lesser of the amounts from line 5 and line 7, as this will be your current year credit.
10. Finally, subtract the amount on line 8 from line 5 and enter the result on line 9 to identify any unused credit that can be carried forward for five years.
11. Once you have completed the TC-23 form, you can save your changes, download the document, print it, or share it as necessary.

Begin completing the TC-23 form online today to ensure you receive your applicable credit!