Posts from June 2013.

Anyone who buys tangible personal property from out-of-state and brings it into South Carolina is responsible for paying a use tax of 6% on the sales price of the property, plus any local tax rate addition.  Individuals may report purchases subject to use tax on their individual income tax return (SC 1040, Line 26).  The Department of Revenue publishes a worksheet, UT-3W, which can be used to determine the purchases subject to use tax and the amount of use tax due.  An individual who does not report use tax purchases on his or her income tax return should file Form UT-3, Use Tax Payment Return.  ...

On June 11, 2013 the "South Carolina Abandoned Buildings Revitalization Act" was signed into law by the Governor. The Act provides new incentives for the rehabilitation, renovation, and redevelopment of abandoned buildings in South Carolina. Taxpayers meeting the requirements of the Act can receive a tax credit equal to 25% of the cost of rehabilitating property against either (1) state income taxes and corporate license fees, or (2) property taxes.

In order to qualify for the credit a taxpayer must rehabilitate an abandoned building for commercial use. A building with an ...

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