South Carolina Enacts Changes, Creates Renewable Energy Tax Credit

South Carolina June 23 enacted legislation (H.B. 4478) containing a number of changes to various job creation tax credits, including repealing the credit for persons terminated from employment because of the closing or realignment of a federal military installation and creating a new renewable energy tax incentive program.

The South Carolina Renewable Energy Tax Incentive Program provides tax incentives to companies in the solar, wind, geothermal, and other renewable energy industries who are expanding or locating in South Carolina.

Under the program, a business or corporation that meets certain requirements beginning in 2010 is eligible to receive a 10 percent ...