Enter the amount claimed on your current year federal tax return for land located in South Carolina. Notwithstanding the provisions of IRC Section 170(h) and applicable regulations pertaining to forestry and silvaculture practices, you are not disqualified for the tax credit allowed in this section because of silvaculture and forestry permitted or undertaken pursuant to a conservation contribution on a real property interest if: - the forestry and silvaculture practices permitted by or undertaken pursuant to the conservation contribution conform to Best Management Practices established by the South Carolina Forestry Commission existing either at the time the conservation contribution is made, or at the time a particular forestry or silvacultural practice is undertaken;
- the conservation contribution on a real property interest in all other respects conforms to the requirements of IRC Section 170(h) and applicable regulations for a "qualified conservation contribution" of a "qualified real property interest" and
- you provide the Department of Revenue with the information it considers necessary to determine that you would otherwise be eligible for the deduction allowed under Section 170(h).
The amount of the credit under this item is twenty-five (25%) percent of the deduction that would have otherwise been allowable under Section 170(h), but for the silvacultural and forestry activities performed on the real property interest, subject to the conditions and limitations as the credit allows in this section.
The credit is limited to $250.00 per acre contributed, however, any wetland acreage lying within the intertidal zone shall not be taken into consideration for the calculation of this per acre cap.
This credit is limited to $52,500.00 in any single tax year.
This credit can be used in conjunction with any other credits to offset any income tax owed by the person or entity claiming it. Any amounts not used due to the credit being greater than the current year tax due can be carried forward to succeeding years. In the case of a corporation it cannot be used against any license or other fees. In addition to the carry forward of unused credit, unused credit may be transferred, devised, or distributed with or without consideration, by an individual, partnership, limited liability company, corporation, trust, or estate if done so within the provisions of Section 12-6-3515 of the South Carolina Code of Laws.
Note: The fair market value of qualified donations made pursuant to this section must be substantiated by a "qualified appraisal" prepared by a "qualified appraiser" as those terms are defined under applicable federal law and regulations applicable to charitable contributions.
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