Local Option Tax Credit for the Installation of Fire Sprinkler System Equipment

State

South Carolina

Year

2008

Type of Improvement

Other

Incentive

Local taxing entities may allow a credit against real property taxes equal to 25% of the direct expenses incurred by the installation of a fire sprinkler system not required by law, regulation, or code in a commercial or residential structure.

Local Option in Adoption of Program

Local government is unable to exercise an option

Local Option Regarding Program Features

No

Application Process

Only initial application required

Eligible Property Type

Commercial

Residential

Description of Eligible Property Type

Commercial and residential properties are eligible for the exemption.

Eligibility Criteria

Other Eligibilty Criteria

Description of Eligibility Criteria

The credit is not allowed if the installation is required by law, regulation, or code. The fire sprinkler system must be a system of overhead or underground piping, or both, to protect the interior or exterior of a building or structure from fire where the primary extinguishing agent is water and designed in accordance with fire protection engineering standards. The fire protection sprinkler system must be one of the following types: water based or wet-pipe system, water foam system, dry-pipe system, preaction system, residential system, deluge system, combined dry-pipe and preaction system, non-freeze system, or circulating closed loop system. The local taxing entity must have consented to the tax credit.

Record ID

SC004_SP08

Footnotes

Effective 25 June 2008 and applicable for taxable years beginning after 2007, the act authorizes the tax credit for the installation of fire sprinkler systems.

Sources

S.C. Code Ann. §12-6-3622 (in effect for 2008) S.C. Code Ann. §40-10-20(8) (in effect for 2008)
Policy Summary (2008), South Carolina Department of Revenue, p.2 [http://www.sctax.org/NR/rdonlyres/1BD26735-2381-435E-83B4-DC1F5D5B4AAE/0/SC1120Instr.pdf Accessed 4/2/2010] View Archived Source
2008 S.C. Acts no. 357 § 2.A.

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