South Carolina § 12-2-100 - Tax credits; timeframe for use; refunds; allocation of credits.
Full text of South Carolina South Carolina Code of Laws § 12-2-100 — Tax credits; timeframe for use; refunds; allocation of credits., with citation guidance and answers to common questions.
§ 12-2-100. Tax credits; timeframe for use; refunds; allocation of credits.
(A) Unless otherwise provided by law, a tax credit administered by the department must be used in the year it is generated and must not be refunded.
(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.
HISTORY: 2003 Act No. 69, SECTION 3.A, eff June 18, 2003; 2021 Act No. 63 (S.677), SECTION 1, eff May 17, 2021.
Editor's Note
2021 Act No. 63, SECTION 2, provides as follows:
"SECTION 2. This act takes effect upon approval by the Governor and applies to a qualified project in service after January 1, 2020, but before December 31, 2030, if the project is issued an eligibility statement after May 14, 2020."
Effect of Amendment
2021 Act No. 63, SECTION 1, inserted the (A) designator, and added (B).
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 12-2-100
What does South Carolina Code of Laws § 12-2-100 cover?
Section 12-2-100 ("Tax credits; timeframe for use; refunds; allocation of credits.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 12-2-100?
A common citation format is "South Carolina Code of Laws § 12-2-100" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 12-2-100 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.