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A credit exists against income for amounts invested in a community development corporation or financial institution. The credit is not allowed if the amount invested is claimed as an IRC Section 170 deduction. The credit may not exceed five million dollars for all taxpayers. A taxpayer must first obtain a certificate from the SC Department of Commerce attesting that the entity invested in qualifies for the credit and that the credit remains available. The credit is limited to 33% of the amount invested. The credit may be carried forward to any tax year beginning before ten years from the date of stock acquisition. If the entity invested in redeems the stock or other equity interest within five years, the credit is disallowed retroactively. The credit is effective for tax years after 2000 and expires on June 1, 2005. Enter the amount from the appropriate line of TC-14 here.
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