SC revenue ruling #16-2

The purpose of this advisory opinion is to update SC Revenue Ruling #91-15 concerning interest exempt from South Carolina income taxes. This advisory opinion provides a discussion of the types of interest exempt from South Carolina income taxes,1 the taxability of exempt interest when distributed as a dividend from a mutual fund, and Section 265 of the Internal Revenue Code which disallows a deduction for expenses allocable to tax-exempt income. This document also provides examples of tax-exempt obligations and obligations which are not tax-exempt for South Carolina income tax purposes.

SC information letter #16-6

Code Section 12-36-2120(57) provides for an annual three-day sales tax holiday for sales taking place from 12:01 a.m. on the first Friday in August and ending at midnight on the following Sunday. Accordingly, the 2016 sales tax holiday weekend will begin Friday, August 5, 2016 at 12:01 a.m. and end Sunday, August 7, 2016 at midnight. A partial list of exempted items is included.

SC INFORMATION LETTER #16-3

The South Carolina Code of Laws allows the imposition of various types of local sales and use taxes. Citizens of a county, depending upon the needs within the county, may impose one or several local sales and use taxes. Attached are three charts that provide guidance concerning the various types of local sales and use taxes collected by the Department of Revenue and the types of exemptions allowed under each tax.