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South Carolina Port Cargo Volume Increase Credit On Withholding
Extracted from PDF file 2023-south-carolina-form-wh-1670.pdf, last modified November 2019Port Cargo Volume Increase Credit On Withholding
STATE OF SOUTH CAROLINA 1350 dor.sc.gov DEPARTMENT OF REVENUE PORT CARGO VOLUME INCREASE CREDIT AGAINST EMPLOYEE WITHHOLDING SC Withholding # Business name and address WH-1670 (Rev. 11/5/19) 3565 Quarter 1st Quarter 2nd Quarter 3rd Quarter FEIN 4th Quarter Use this form to claim the credit against Employee Withholding Tax. Use TC-30 to claim the credit against Income Tax. Year Part I Withholding Use your quarterly withholding return to complete this section. 1. SC state Income Tax deposits reported 2. SC Tax Due payments reported 3. Total SC state Income Tax deposits and payments (add line 1 and line 2) 4. SC Refund claimed 5. Net Available Withholding (subtract line 4 from line 3) 6. Amount of non-employee (1099) withholding reported 7. Current available employee (W-2) withholding for Port Cargo Employee Withholding Credit (subtract line 6 from line 5) Part II Port Cargo Withholding Credit 8. Enter the amount of credit against employee withholding, as certified this year by the Coordinating Council for Economic Development. 9. Total Port Cargo Credit used in prior quarters of the current year, if applicable (add line 9a, line 9b, and line 9c) a. 1st Quarter (Jan – Mar) b. 2nd Quarter (Apr – Jun) c. 3rd Quarter (Jul – Sep) 10. Available Port Cargo Volume Increase Credit for the current quarter (Subtract line 9 from line 8) Part III Refund Amount 11. Enter the lesser of line 7 and line 10. This is the amount of Port Cargo Credit refunded for the current quarter. Part IV Carry Forward 12. Subtract line 11 from line 10. This is the amount of your unused Port Cargo Withholding Credits that can be carried forward for up to 20 quarters. Under penalty of law, I certify that this information is correct, true, and complete to the best of my knowledge. Owner, partner, or other title Printed name Signature Daytime phone number Date Email Mail to: SCDOR, Withholding Section, Columbia, SC 29214-0400 35651017 INSTRUCTIONS Under SC Code Section 12-6-3375, certain taxpayers are eligible for the Port Cargo Volume Increase Credit if they meet the following requirements: • They must be engaged in any of the following activities: o Manufacturing o Warehousing o Freight forwarding o Freight handling o Goods processing o Crossdocking o Transloading o Wholesaling of goods o Distribution • They must import or export through port facilities in South Carolina • They must increase their port cargo volume at these facilities by a minimum of 5% over their base year port cargo volume in a calendar year Taxpayers that meet these requirements may apply to the Coordinating Council for Economic Development. The Council will determine the amount of tax credit and whether it is applicable to the taxpayer's Income Tax or Employer Withholding Tax. Complete and return the WH-1670 when using the Port Cargo Volume Increase Credit against Employee Withholding Tax. Complete and return the TC30 (NOT WH-1670) when using the Port Cargo Volume Increase Credit against Income Tax. Effective for tax years beginning after December 31, 2013, unused Withholding Tax credits may be carried forward and claimed against Employee Withholding Tax for up to 20 quarters. Section 12-6-3375(D) allows the Council in its discretion to award up to $1 million of withholding credit a year to a new warehouse or distribution facility which commits to spending at least $40 million at a single site and creating 100 new full-time jobs. The base year cargo at the facility shall not be less than 5,000 TEUs or its non-containerized equivalent. The Council may make the award in the year the facility is announced, although it may not tender the certificate until it has received satisfactory proof that the capital investment and job creation requirements have, or will be, satisfied. Section 12-6-3375(E) allows the Council to award credit to a taxpayer engaged in moving goods imported or exported through SC port facilities if they meet the following requirements: • The cargo supports a presence in South Carolina • The taxpayer does not have a distribution center in South Carolina • The taxpayer employs at least 250 full-time or full-time equivalent South Carolina residents • The taxpayer completes the construction of an operational SC distribution facility within 5 years of the initial approval • The completed operational facility has a base year of at least 5,000 TEUs or its noncontainerized equivalent Repayment of credit required: Credit certificates under Section 12-6-3375(D) and (E) expire after 3 years if the SCDOR has not received satisfactory proof. A taxpayer failing to meet the requirements of Section 12-6-3375(D) at the end of the 3-year period, or the requirements of Section 12-6-3375(E) at the end of the 5-year period, must repay the SCDOR a pro rata portion of the credits claimed. Line Instructions Enter your name, address, South Carolina Withholding Number, and FEIN. Place an X in the box for the appropriate quarter and enter the year. Part I Withholding Line 1: Enter the amount from line 2 of WH-1605 or line 4 of WH-1605Z of the corresponding quarter when claiming 1st, 2nd, or 3rd quarter credit. Enter the amount from line 2 of WH-1606 or line 4 of WH-1606Z when claiming credits in the 4th quarter. Line 2: Enter the amount paid from line 4 of WH-1605 or line 6 of WH-1605Z of the corresponding quarter when claiming 1st, 2nd, or 3rd quarter credit. Enter the amount paid from line 4 of WH-1606 or line 6 of WH-1606Z when claiming credits in the 4th quarter. Line 3: Add line 1 and line 2. Line 4: Enter the amount from line 3 of WH-1605 or line 5 of WH-1605Z of the corresponding quarter when claiming 1st, 2nd, or 3rd quarter credit. Enter the amount from line 3 of WH-1606 or line 5 of WH-1606Z when claiming credits in the 4th quarter. Line 5: Subtract line 4 from line 3. Line 6: Enter non-employee (1099) withholding amount on line 1 of WH-1605, WH-1606, WH-1605Z, or WH-1606Z that was reported in the current quarter. Line 7: Subtract line 6 from line 5. Part II Port Cargo Withholding Credit Line 8: Enter Port Cargo Volume Increase Credit approved by Department of Commerce as a credit against Employee Withholding Tax. Line 9: Enter the total Port Cargo Volume Increase Credit used in all prior quarters during this tax year. Show the amount for each quarter in lines 9a, 9b, and 9c. Line 10: Subtract line 9 from line 8. Part III Refund Amount Line 11: Enter the lesser of line 7 and line 10. This is the Port Cargo Credit refund for the current quarter. Part IV Carry Forward Line 12: Subtract line 11 from line 10. This is the amount of your unused credit. Effective for tax years beginning after December 31, 2013, unused Port Cargo Volume Increase Credits against Employee Withholding Tax can be carried forward and used against Employee Withholding Tax for up to 20 quarters. Questions? We're here to help. Contact this office at 803-896-1450 or [email protected]
Form WH-1670
More about the South Carolina Form WH-1670 Corporate Income Tax Tax Credit TY 2023
We last updated the Port Cargo Volume Increase Credit On Withholding in February 2024, so this is the latest version of Form WH-1670, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form WH-1670 directly from TaxFormFinder. You can print other South Carolina tax forms here.
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| Form Code | Form Name |
|---|---|
| Form WH-1612 | Transmittal Form for W2s or 1099s Submitted by CD-ROM or Paper |
| Form CL-1 | Initial Annual Report of Corporations |
| Form I-349 | Schedule for Business Closure or Organizational Change |
| Form SC1120I | Information and Instructions for C and S Corporation Tax Returns |
| Form I-309 | Nonresident Shareholder or Partner Affidavit and Agreement Income Tax Withholding |
View all 69 South Carolina Income Tax Forms
Form Sources:
South Carolina usually releases forms for the current tax year between January and April. We last updated South Carolina Form WH-1670 from the Department of Revenue in February 2024.
Form WH-1670 is a South Carolina Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of South Carolina Form WH-1670
We have a total of eleven past-year versions of Form WH-1670 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2014 Form WH-1670
WH-1670
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