(C) For every year in which a taxpayer claims the credit, the taxpayer shall attach a schedule to the taxpayer's state income tax return, which shall set forth the following information, as a minimum, in addition to the information required by law and by the Department of Revenue:

1. (1) a description of how the base year port traffic and the increase in port traffic was determined;
2. (2) the amount of the base year port traffic;
3. (3) the amount of the increase in port traffic for the taxable year, including information which demonstrates an increase in port traffic in excess of the minimum amount required to claim the tax credits under this section;
4. (4) any tax credit utilized by the taxpayer in prior years;
5. (5) the amount of tax credit carried over from prior years;
6. (6) the amount of tax credit utilized by the taxpayer in the current taxable year; and
7. (7) the amount of tax credit to be carried over to subsequent tax years.

(D) As used in this section:

1. (1) "TEU" means twenty-foot equivalent unit.
2. (2) "Base port cargo volume" means the total amount of net tons of noncontainerized or twenty-foot equivalent units (TEUs) of product actually transported by way of a waterborne ship through a port facility during the period from January 1, 2005, through December 31, 2005. For companies who locate in South Carolina after the effective date of this section, their base cargo volume will be measured by their first calendar year as long as they meet the requirements of seventy-five net tons of noncontainerized cargo or ten loaded TEUs. Base port cargo volume must be recalculated during the period from January 1, 2015 to December 31, 2015 and every tenth year thereafter.
3. (3) "Port facility" means any publicly or privately owned facility located within this State through which cargo is transported by way of a waterborne ship or vehicle to or from destinations outside this State and which handles cargo owned by third parties in addition to cargo owned by the port facility's owner.
4. (4) "Port traffic" means the total amount of net tons of noncontainerized cargo or containers measured in twenty-foot equivalent units (TEUs) of cargo transported by way of a waterborne ship or vehicle through a port facility.
5. (5) "New job" has the meaning defined in Section 12-6-3360(M)(3).
6. (6) "Full-time" has the meaning defined in Section 12-6-3360(M)(4).
7. (7) "Warehousing facility" has the meaning defined in Section 12-6-3360(M)(7).
8. (8) "Distribution facility" has the meaning defined in Section 12-6-3360(M)(8).

(G) The maximum amount of tax credits allowed to all qualifying taxpayers pursuant to this section may not exceed eight million dollars per calendar year. Tax credits allowed shall be allocated based on the date an application is received by the Coordinating Council for Economic Development.

The Coordinating Council has sole discretion in determining eligibility for additional credits provided by this section.

An application must be submitted to the Coordinating Council with the same information as required by subsection (C), and any other information required by the Coordinating Council.