In South Carolina, the PT-420 form serves as a critical financial disclosure tool for utility and railroad companies operating within the state. Mandated by the South Carolina Department of Revenue and subject to annual submission before the April 30 deadline, this form ensures that companies accurately report and pay property taxes in correlation with their operational and capital investments across different taxing districts. The PT-420 form requires detailed information including, but not limited to, gross investment distribution, a copy of the annual report filed with the South Carolina Public Service Commission or equivalent financial reports, and a clear outline of pollution control equipment with related investment and depreciation schedules. Additional disclosures encompass lists of licensed vehicles, an explication of methods used to identify exempt property, and a breakdown between real and personal property investments. Particularly noteworthy is the form's accommodation for interstate companies, which must also provide federal regulatory filings and specific allocation information highlighting their financial operations within South Carolina versus their overall operations. A comprehensive completion of the PT-420 form, inclusive of any supporting schedules and statements, is not merely a compliance requirement; it's an affirmation of the submitting company's commitment to transparency and legal diligence within the framework of South Carolina's tax legislation. Companies found submitting incomplete or improper forms face the risk of returns, necessitating amendments, a procedural step emphasized to maintain the integrity and accuracy of the tax reporting process.
| Question | Answer |
|---|---|
| Form Name | Form Pt 420 |
| Form Length | 2 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 30 sec |
| Other names | sc pt 420, Allocation, South_Carolina, PT420 |
1350
STATE OF SOUTH CAROLINA |
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DEPARTMENT OF REVENUE |
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UTILITY AND RAILROAD COMPANIES |
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(Rev. 6/01/10) |
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PROPERTY TAX RETURN |
7029 |
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FOR YEAR ENDING |
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FILE NUMBER:
FEIN:
TELEPHONE:
FAX NUMBER:
The following information, where applicable, must be filed with the Office Audit Section prior to April 30 annually, after which an appropriate penalty will be applied as provided by law.
1)This form completed in detail including distribution information as to gross investment in each taxing district. Forms enclosed.
2)A copy of the annual report of Utility or Railroad filed with the South Carolina Public Service Commission, Annual Report of the Company (financial) or
3)A certification of Pollution Control Equipment- gross investment and depreciation schedule.
4)A list of licensed vehicles- investment and depreciation schedule.
5)A complete explanation of the method used to determine exempt property when applicable.
6)Attach a schedule of construction work in progress that was capitalized for South Carolina. A separate list between real and personal property is required.
7)A detailed list of
Interstate Companies- In addition to the above information, companies not operating solely in South Carolina should file the following:
1)A copy of the annual report to a Federal Regulating Board.
2)Allocation information
Total Revenues
South Carolina Revenues
Total Net Operating Income
1
South Carolina Net Operating Income
Total Gross Investment
South Carolina Gross Investment
Total Net Investment
South Carolina Net Investment
(over) |
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70291018
I declare that this return including any accompanying schedules and statements has been examined by me and to the best of my knowledge and belief is a true and complete return made in good faith pursuant to the 1976 Code of Laws and amendments.
Taxpayer's Signature |
Title |
Date |
Accountant's Signature |
Title |
Date |
Contact Person |
Tax Preparer / Contact Phone Number |
Returns found incomplete or improper will be returned to the taxpayer for completion or amendment.
Mail completed returns to:
South Carolina Department of Revenue
Utilities
Columbia, SC
70292016