S.76 – Extending a tax credit and exemption for energy efficient homes
S.76 would extend a tax credit and exemption for manufactured homes bought in South Carolina that reach energy efficiency standards. The credit and exemption are currently set to sunset this year, but this bill would extend the sunset date to 2024. These energy standards are set by the EPA and the US Department of Energy […]
S.227, S.113, H.3168, H.3457 – Allowing certain municipalities to impose a property tax
S.227 (and identical bills S.113, H.3168 and H.3457) would allow the 60 municipalities in South Carolina that do not currently have a property tax to impose one. State law currently limits how much the local property tax rate (called “millage”) can be increased by using rates from the previous year. Therefore, if a municipality doesn’t […]
What is Tax Conformity, and What Does It Mean for SC Taxpayers?
UPDATE 10/5/18: The Senate’s version of the tax conformity bill passed both houses this week and was signed by the Governor. Lawmakers left one major question unanswered when they left Columbia earlier this year: How will the South Carolinian’s state income tax be calculated next year? The General Assembly will address this when they […]
Friday Follies: A Tax Exemption for … Huh?
A TAX BREAK FOR FOOD AND CLOTHING IN THE PREPARATION OF PERISHABLE FOOD. THAT MAKES PERFECT SENSE. It’s often the case, and South Carolina is no exception. Lawmakers tend to view the sales tax provisions in state law, not as a means of raising revenue to carry out the necessary functions of government, but rather […]
Gas Tax Bill a Windfall for Infrastructure Bank
PROPONENTS CLAIM THE BILL WOULD FIX SOUTH CAROLINA’S ROADS. THAT’S NOT WHAT THE BILL SAYS. [NB: The bill discussed in this report is now law, the state senate having overridden the governor’s veto.] The legislature is poised raise the gas tax, along with sales tax on vehicles and several registration fees. Proponents claim the 72 […]
House Gas Tax vs. Senate Gas Tax: A Comparison
LAWMAKERS HAVE TO COMBINE TWO BAD BILLS. THINGS COULD GET WORSE. The House and the Senate have both passed bills that contain significant tax increases, insignificant reform elements, and negligible transparency measures. What happens next? The legislation will go to a conference committee where three lawmakers from each chamber will attempt to reconcile them. In […]
The Gas Tax Bill – A Guide for the Perplexed
● The Senate’s bill raises gas tax by 12 cents per gallon ● Includes large increases in array of fees ● Calls tax a ‘fee,’ allowing Infrastructure Bank to create more debt ● Includes convoluted tax ‘off-sets’ ● Includes no reform of DOT After much debate and maneuvering, the Senate finally passed its version of a […]
UPDATE: House Passes Gas Tax Increase
MODEST REFORM MEASURE INTRODUCED, BUT PREMISE STAYS THE SAME On Tuesday the House considered the gas tax hike bill (H.3516). House leadership proposed an amendment that would divert 20 percent of the vehicle registration and license fees to the Education Improvement Act fund (protecting the current education funding structure). The amendment also gave the governor […]
House Leaders’ Gas Tax Bill
LAWMAKERS’ ANSWER TO THE ROADS PROBLEM IS STILL THE SAME: YOU HAVEN’T SENT ENOUGH MONEY TO COLUMBIA [The text of this analysis has been updated to reflect the bill’s most recent version. Updates on the bill’s history mentioned at the bottom.] House leaders filed H.3516, a bill allegedly designed to repair South Carolina’s deteriorating road system. […]
H.3468 – Allowing the transfer of textile mill tax credits
H.3468 would allow an individual, partnership, limited liability company, trust, or estate to transfer an unclaimed textile mill site rehabilitation tax credit to another recipient, provided the Department of Revenue approves of the transfer. South Carolina’s tax code is riddled with tax breaks and credits to select industries and special interests and currently exempts more […]
