The South Carolina Department of Revenue released a revenue ruling to provide guidance for the State LIHTC, which was enacted in May 2020. Revenue Ruling 21-5 provides an overview of the Federal and State LIHTC. The revenue ruling provides questions and answers on such issues as what constitutes a qualified project, information about an eligibility statement, details about how to take the tax credit and other provisions. The ruling applies to qualified projects placed in service January 2, 2020, through December 30, 2030.