South Carolina Code 12-2-100. Tax credits; timeframe for use; refunds; allocation of credits
(B) A tax credit earned by a partnership or limited liability company taxed as a partnership pursuant to Sections 12-6-3535, 12-6-3795, or 12-65-10, including any unused credit amount carried forward, may be passed through to the partners or members and may be allocated among any of its partners or members on an annual basis including, without limitation, an allocation of the entire credit to any partner or member who was a partner or member at any time in the year in which the credit or unused carryforward was allocated. The allocation must be allowed without regard to any provision of the Internal Revenue Code, or regulation promulgated pursuant to it, that may be interpreted as contrary to the allocation including, without limitation, the treatment of the allocation as a disguised sale.
Terms Used In South Carolina Code 12-2-100
- partnership: includes a limited liability company taxed for South Carolina income tax purposes as a partnership;
(2) "partner" includes a member of a limited liability company taxed for South Carolina income tax purposes as a partnership;
(3) "corporation" includes a limited liability company or professional or other association taxed for South Carolina income tax purposes as a corporation; and
(4) "shareholder" includes a member of a limited liability company taxed for South Carolina income tax purposes as a corporation. See South Carolina Code 12-2-25 - Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.