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The SC Angel Investor Tax Credit: the angel investor application process

Paul Clark
Paul Clark
Last updated: June 4, 2024
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In August 2020, the SC Department of Revenue updated how individuals applied for the South Carolina angel investor tax credit.

All the rules about qualified businesses, qualified investors, and the application deadlines are the same. Even the form TC-56A remains the same. What has changed is that the application has to be done through MyDORWAY now.

The first step is to set up an account on MyDORWAY. To get set up on the platform, you will need some combination (depending on whether you are applying as an individual or an entity) of your tax ID number (FEIN, SSN, or South Carolina ID number), a “file number”, and one of these items: Last Payment Amount, Last Refund Amount, Line 1 from the Last Return, or a Letter ID (a number displayed on all SCDOR correspondence). If you don’t have any of these – for example, because you are not a SC taxpayer and this is the first application you have made – you had better call the Department of Revenue. The DoR is responsive, especially the Tax Tech team.

Once you are in MyDORWAY, the DoR provides a useful tutorial on applying using this new application. It’s fairly straightforward. Make sure to keep a copy of your confirmation number!

Lastly, make sure to get a receipt as confirmation that the application has been received. If you don’t have one, double check the application was received before the end of the year!