Contributions are certified by SCRA to the State Department of Revenue and are eligible for a 100% tax credit against South Carolina income taxes, insurance premium taxes and certain license fees.
MAKING A CONTRIBUTION
The generosity of our IPF Contributors allows SCRA to reach the annual $6 million contribution limit. The initial $6 million is eligible for credit against state income taxes, insurance premium taxes and/or certain license fees. Contributions to the fund in excess of the $6 million cap can be accepted, but SCRA is unable to certify contributions in excess of $6 million as qualified for state tax credit.
Because the Internal Revenue Service has recognized SCRA as an organization which is exempt under Internal Revenue Code Section 501(c)3, contributions to the IPF fund in excess of $6 million may be considered charitable contributions for federal tax purposes.
- In January of each year the online commitment request form will officially open for that tax year. The opening date will be communicated to past contributors and those who have expressed interest in the fund and will be posted on this website.
- Only commitment requests submitted through the web-based form will be considered as eligible for certification as qualified contributions.
- The annual waiver and acknowledgement (Waiver), required for all certified contributions, must be accepted at the time a commitment request is submitted. The Waiver, among other things, confirms acknowledgement that SCRA provides contribution and taxpayer information to the S.C. Department of Revenue and the IRS. Sample online form and waiver
- No commitment requests will be accepted in person, through email, phone, fax or mail, or by any other means other than the online form process.
- Contribution commitments are accepted on a first-come, first-served basis as provided by law.
- Commitment amounts must be confirmed as eligible for certification by SCRA before qualified contributions can be accepted.
- A single South Carolina contributor can claim as a credit against state income taxes, insurance premium taxes and/or certain license fees 100% of an amount contributed up to a maximum credit of $2 million. The aggregate limit is $6 million. Contributions to the fund in excess of $6 million can be accepted, but SCRA is unable to certify contributions in excess of $6 million as qualified for state tax credit.
- Certified contributors will receive the following documents:
- A letter certifying the amount of the tax credit (to be attached to the contributor’s tax return).
- A waiver form to be executed by the contributor and returned to SCRA in an enclosed, stamped, self-addressed envelope. This waiver allows SCRA to report required information to the South Carolina Department of Revenue.
- A contact information form to be returned in the enclosed envelope.
- SCRA nor any of its affiliates or any of the officers, employees, representatives or other agents of SCRA or any such affiliate have provided or will provide (i) any representation or warranty or advice regarding the position of any court or the South Carolina Department of Revenue or Internal Revenue Service in relation to any tax or other benefits or qualifications or limitations or results which may be related to the Contribution Amount, or (ii) any legal or other advice whatsoever.
Tax treatment of Industry Partnership Fund contributions is subject to the South Carolina Code of Laws and the Internal Revenue Code, each as may be amended from time to time, and judicial and regulatory guidance related thereto.