Posts from December 2021.

South Carolina rollback tax laws changed in 2021, with potentially significant implications for real estate transactions where rollback taxes may come into play.

What are rollback taxes?

South Carolina Code Section 12-43-220 requires that any time a property changes from receiving the benefit of an agricultural use special assessment ratio property tax exemption to any other use, rollback taxes are to be assessed and billed to the property.  The amount of the rollback taxes is equal to the sum of the differences, if any, between the taxes paid or payable on the basis of the fair market ...

South Carolina businesses have historically been subject to business license taxes on their gross income that vary widely from jurisdiction to jurisdiction. The South Carolina Business License Tax Standardization Act (the “Act”) was enacted in 2020, but the effective date was generally delayed until January 1, 2022. The Act should greatly simplify the previous complex and burdensome state business license tax regime. The Act creates uniformity by establishing a formal appeals process for taxpayers, setting one standard 12-month filing period (May 1st to April 30th ...

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