Form 8823 for South Carolina 2023-2025

Form 8823 for South Carolina: What You Should Know

Credit for state contractors engaged in contract construction for State housing and community development projects at the maximum amount allowed Qualifying projects may include those undertaken as a part of the State housing fund program by the State to assist low-income families. Credit allowed: 10% of the first 15,000 of qualified construction costs and 10% on the following 15,000. The following construction costs do not qualify for credit, but cost of items listed below may be credited: Buildings constructed under a State public building contract and/or as an integral or integral part of a State program that primarily benefits low-income households. Buildings constructed under a Federal public building contract and/or as an integral or integral part of a Federal program that primarily benefits low-income households. Buildings constructed for State, county, or municipality projects and financed by public or State dollars; or Buildings constructed or completed by public or private non-governmental entities and financed by public or State dollars. Qualified construction costs that are not eligible for this credit include the cost of items listed below.  The credit for qualified construction costs excludes the following: Buildings constructed under a State public building contract and/or as an integral or integral part of a State program that primarily benefits low-income households. Buildings constructed under a Federal public building contract and/or as an integral or integral part of a Federal program that primarily benefits low-income households Construction costs related to any other State or Federal program; Property acquisition costs or construction costs related to utility services and facilities; or Costs associated with the construction or improvement of buildings for State and federal projects or the sale of land for development of such projects, including but not limited to environmental remediation costs. Costs associated with the construction or improvement of buildings for county and municipal projects that provide services, rehabilitated historic buildings, or sites used for public facilities and that are in existence before the construction of the housing project Construction costs associated with any facility for public housing provided under Title XXVI of the Social Security Act Section 8 HUD Section 8 housing (and HUD housing assisted under Title VIII of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5196) that serve or are intended to serve low-income persons. For any housing or affordable housing project, the qualifying cost may not exceed one-third of the area rental value.

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