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Workforce Development - Childcare Services Tax Credit - South Carolina

Any business operating a child care program or making payments to a licensed childcare facility for the benefit of the employee’s children is eligible for a 50% tax credit up to $3,000 for each participating employee. Also, any business establishing a child care facility for its employees' children is eligible is eligible for a tax credit of 50% of capital expenditures not to exceed $100,000. Donations to a charitable organization for establishing a child care program qualify for the credit. No charitable deduction is allowed if a credit is claimed.

The credit taken in any single tax year cannot exceed 50% of the employer’s state income tax, bank tax or premium tax liability for that year. However, any unused credit may be carried forward up to ten years.

Percentages and amounts shown above were current as of 05/23/2003.

Additional Information

Further information about these tax credits may be obtained by calling the S.C. Department of Revenue, Tax Credit Division at 803-898-5402.

South Carolina Code §12-6-3440 authorizes the tax credit for employee child care programs. It is available online at:
http://www.scstatehouse.net/code/t12c006.htm

Also see:

Workforce Development - Community and Workforce Development

Workforce Development - Overview

Source

South Carolina Tax Incentives for Economic Development, 2003 Edition, available at:
http://www.sctax.org/NR/rdonlyres/CF4103A2-C810-475D-8072-125A3C64B88F/0/TaxIncentive2003.pdf

Document titled "State and Federal Employment Related Tax Incentives Benefiting Employers & Individuals", created by Jim Love, Director and Milton Greene, Economic and Business Affairs, SC Department of Social Services made available to ESI as document file taxincentivematrix52503.doc.

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