The South Carolina Infrastructure and Economic Development Reform Act, 2017 Act 40, was recently enacted and is designed to enhance South Carolina's economic competitiveness. The Act, commonly referred to as the gas tax bill, increased the South Carolina gas tax to pay for infrastructure improvements. In addition, the Act provided several tax credits and incentives, including a new property tax exemption for manufacturers.
The Act provides an exemption equal to 14.2857% of the property tax value of manufacturing property. S.C. Code § 12-37-220(B)(52)(a). The exemption is ...
The April 30th deadline for the calendar year South Carolina taxpayers to file their annual Form PT-300, Property Return, is fast approaching. Taxpayers subject to a fee-in-lieu of tax (FILOT) must file a new schedule with their 2017 property tax year that is designed to help local governments comply with their new financial reporting requirements under Statement No. 77 of the Governmental Accounting Standards Board (GASB Statement 77). GASB Statement 77 requires governmental entities that enter into "tax abatement agreements" to now disclose information about these ...
South Carolina has some of the highest business property taxes in the Southeast. The state generally taxes land, buildings, machinery and equipment, and furniture and fixtures, but does not tax inventory, pollution control equipment, intellectual property, and other assets.
To reduce the effect of its high business property tax rates, and to make the state a more competitive environment for business, South Carolina offers a property tax incentive and tax savings for those businesses investing at least $2.5 million over a five year period in the state. This incentive is known as the ...
While South Carolina has low income taxes, and comparatively low sales taxes as well, the state makes up for this by having some of the highest business property tax rates in the Southeast. These property taxes are generally levied on the land, buildings and personal property (excluding inventory) of a business in the state.
South Carolina law does authorize its counties, which bill and collect the state's property taxes, to enter into property tax incentive arrangements with businesses, which can reduce property taxes. These property tax incentive arrangements generally require ...
South Carolina manufacturers are required to file an annual property tax return. The PT-300 must be filed with the South Carolina Department of Revenue ("Department" or "DOR") by the last day of the fourth month following the close of a taxpayer's accounting year (no extension is available). For example, calendar year taxpayers must file Form PT-300 by April 30th.
The Form PT-300 reports all property owned as of the close of the taxpayer's accounting year. There are ten different schedules that may need to be filed with the PT-300. The schedules report property subject to regular ...