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SC and Federal Tax Incentives
Here is a breakdown of tax incentives for:
For Commercial Builders
1.
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A Federal Tax deduction of up to $1.80 per square foot is available to owners or tenants (or designers, in the case of government-owned buildings) of new or existing commercial buildings that are constructed or reconstructed to save at least 50 percent of the heating, cooling, ventilation, water heating, and interior lighting energy cost of a building that meets ASHRAE Standard 90.1-2001.
More information.
Partial deductions of $.60 per square foot can be taken for improvements to one of three building systems—the building envelope, lighting, or heating and cooling system—that reduce total heating, cooling, ventilation, water heating and interior lighting energy use by 16 2/3 percent (16 2/3 percent is the 50 percent goal for the three systems spread equally over the three systems).
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South Carolina Corporate Solar Heating & Cooling Tax Credit for the purchase and installation of solar heating and cooling systems. A taxpayer may claim a credit of 25 percent of the costs of installing a solar energy heating or cooling system, or both, in a building owned by the taxpayer. The maximum credit is $3,500 or 50 percent of the taxpayer's tax liability for that taxable year, whichever is less.
More information. |
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South Carolina Big Box Bill –The Retail Revitalization Act provides property/income tax credits for rehabilitation expenses associated with eligible "big box" retail sites with a 40,000 square foot threshold and the ability to go to 25,000 through county approval. A taxpayer, who improves, renovates, or redevelops an eligible site can receive either a property tax credit equal to 25 percent of rehabilitation expenses or a credit against state income taxes equaling 10 percent of rehab expenses. |
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South Carolina Landfill Methane Tax Credit: 25 percent corporate tax credit for costs incurred by a taxpayer for use of methane gas taken from a landfill to provide power for a manufacturing facility.
More information |
For Residential Builders
1. |
A Federal tax credit of $2000 is available to home builders who build homes (including both site-built and manufactured homes) projected to save at least 50 percent of the heating and cooling energy of a comparable home that meets the standards of the 2003 International Energy Conservation Code, including supplements.
More information.
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Residential Solar Initiative for EarthCraft Homes: $1,000 Tax Rebate for residential solar water heating systems in South Carolina.
More information. |
For Businesses
1. |
Federal Tax credits to businesses for qualified solar water heating and photovoltaic systems. Thirty percent of the cost of the system up to $2000.
More information. |
For Consumers
1. |
Federal Tax credits to homeowners for qualified solar water heating and photovoltaic systems. Thirty percent of the cost of the system up to $2000.
More information. |
2. |
$2000 Federal Tax Credit for purchase of new home meeting certain criteria in energy efficiency
Section 1332 of the Energy Policy Act of 2005.
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Federal Tax Credits to consumers for upgrading products in existing homes: tax credit of up to $500 for 10 percent of the costs of qualified energy efficiency improvements made to their homes.
More information.
Insulation, Replacement Windows, Duct Sealing, Air infiltration Reduction, Home Energy Ratings and Related Services, Qualifying Roofs |
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Federal Tax Credit up to $300 for purchasing highly efficient heating, cooling, and water heating equipment.
More information. |
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South Carolina Solar Heating & Cooling Tax Credit: A taxpayer may claim a credit of 25 percent of the costs of installing a solar energy heating or cooling system, or both, in a building owned by the taxpayer. The maximum credit is $3,500 or 50 percent of the taxpayer's tax liability for that taxable year, whichever is less.
More information. |
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Energy Star Mortgages |
7. |
May find special promotions on energy-efficient appliances. But only manufacturers may receive tax credit.
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