Let’s pump the brakes on the electric vehicle panic

*** On Wednesday, a special legislative committee tasked with “modernizing” the state’s transportation funding system met for the second time, once again alleging that the rise in electric and hybrid vehicles pose an existential threat to the state’s gas tax revenue (which is how road projects in South Carolina are primarily funded). The committee, assembled by Senate Finance Chairman Hugh …

S.323 – Streamlining Department of Revenue’s process finding tax debtor’s bank accounts

S.323 would allow the Department of Revenue (DOR) to get bank account information of tax debtors from the banks, rather than requiring DOR to get it from the debtor. Current law already allows the DOR to put a lien on assets to confiscate what is needed to settle the tax debt (through a warrant of …

S.207 – Seniors will keep homestead exemption during a stay at a nursing home

S.207 – would allow seniors who move to a nursing home or residential care facility to retain the homestead property tax exemption for their homes, as long as they intend to return to their home eventually. Currently the tax assessment could be lost in that situation, as the owner must reside in the home. This …

S.217 – Using local hospitality taxes to repair and mitigate flood damage

S.217 – would allow the revenue from local hospitality and accommodations taxes to be used by local governments in the repair and mitigation of flood or tidal damage. The funds could also be used for “site preparation” including demolition, construction, control and repair of flood and drainage in tourism-related areas. The only strict regulation on …

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 …