Product Details

This Third Edition to what has become a classic text on South Carolina tax matters has been updated and expanded to continue to provide in-depth coverage of every major South Carolina tax area, as well as economic tax incentives and practice before the South Carolina Department of Revenue (SCDOR). In the Third Edition, the authors continue to present in-depth discussions of corporate and individual income tax, license tax on corporations, tax credits and S.C. withholding tax rules. Comprehensive analysis is given to sales tax, including the nature and incidence of sales tax, drop shipments, the nature and incidence of the use tax, rates and collection of tax, jurisdiction to tax, imports and exports, wholesale sale exclusions, exemptions, casual sales, local option sales tax and special local option taxes, reciprocal credits, interest and penalties, and much more. In addition to income tax, property tax, and sales tax, the book continues to explain the often incurred but little understood business license tax imposed by counties and cities.

This Third Edition remains the only comprehensive treatise on South Carolina tax law written by practitioners. Of immense value to the practitioner is the chapter on Economic Tax Incentives, which covers (1) job tax credits, (2) job development credits and retraining credits, (3) credits for investing in economic impact zones, (4) the Port facilities credit (5) retail facilities revitalization credit (“big box” credit) and (6) the recent liberalization of fee-in-lieu of property taxes rules. Other tax incentives such as special source revenue credits, income tax moratorium for new jobs in certain counties, corporate headquarters, contracts for special apportionment of income, sales and use tax incentives, utility infrastructure credits, and other incentives are also discussed.

The chapter on procedure is written to provide a roadmap to and through the proper channels at the State SCDOR and County levels and to properly position taxpayers before the Administrative Law Court. It emphasizes the different appeal routs for the various taxis (specifically the difference in an appeal of a county property tax assessment, a tax assessment originating at the SCDOR, and the appeal of other taxes such as income or sales.

The Third Edition describes the more recent changes in the income tax area including the SCDOR’s approach to allocation and apportionment for multi-state entities following the 2011 change to the single factor apportionment formula. Extensive explanation is given to property Act 388 which contains the important rules on transfers which cause reassessment and revaluation of property (aka Assessable Transfers for Value).

Summary of Contents
• Income Tax
• Sales Tax
• Property Tax
• Business License Tax
• Economic Tax Incentives
• Procedure
• Index 

SC Taxation

Tags Tax; Administrative/Regulatory