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 #16-7

For fiscal year 2016-2017 (July 1, 2016 through June 30, 2017), Budget Provisos 93.7 and 117.86 direct the Revenue Department to reduce the rate of interest paid on eligible refunds by a total of three percentage points. The interest rate to be applied to underpayments and overpayments of taxes is listed.

Report of the Tax Study Committee to the House of Representatives of the General Assembly of South Carolina.

This is a report by the Committee that was created by House Resolution 1691 of 1965 for the purpose of studying the State's tax laws relating to the assessment and collection of ad valorem taxes by the political subdivisions of the state. The Committee found that some statutory requirements relating to reporting and assessment of property for local tax purposes were being ignored for practical reasons, and that, in the opinion of the Committee, actual practice was sometimes productive of better results than existing legal requirements. In those cases, the Committee has recommended changes in the law so that legal requirements will coincide with desirable practice.

Report of the Tax Study Committee to the House of Representatives of the General Assembly of South Carolina

This is a report by the Committee that was created by House Resolution 1691 of 1965 for the purpose of studying the State's tax laws relating to the assessment and collection of ad valorem taxes by the political subdivisions of the state. The Committee found that some statutory requirements relating to reporting and assessment of property for local tax purposes were being ignored for practical reasons, and that, in the opinion of the Committee, actual practice was sometimes productive of better results than existing legal requirements. In those cases, the Committee has recommended changes in the law so that legal requirements will coincide with desirable practice.

Report of the State Treasurer of South Carolina July 1, 1942 to June 30, 1943

The Office of the State Treasurer of South Carolina publishes an annual report for Comptroller General. Included in the report are Receipts from Sundry Sources Credited to the General Fund ;receipts to the Credit of Special Funds ; Expenditures General Account ; expenditures Special Accounts ; Balances to the Credit of Special Accounts ; Statement of Taxes Collected from County Treasurer ; Expenditures and Back Appropriation ; Statement of Privilege Fertilizer Tax Receipts ; Statement of Bond Accounts ; Statement of Gasoline Tax Distribution to the Counties.

TAX YEAR 2013 ESTIMATED AVERAGE TOTAL MILLAGE RATE BY COUNTY

This is a 2013 estimate of average total millage rate broken down by county, millage, percent relative to statewide average and relative to the statewide average.

Property tax review & analysis requested by House Tax Policy Review Committee

This Powerpoint presentation gives statistics on property taxes throughout the state.

PROPERTY TAX BRIEFING PRESENTED TO SOUTH CAROLINA SENATE FINANCE COMMITTEE

This Powerpoint presentation gives statistics on property taxes in South Carolina.

General fund revenue forecast fiscal years 2014-15 to 2017-18

This sheet shows the general fund revenue forecast. It is broken down by revenue category.

South Carolina general fund revenue monitor October fiscal year 2016-17

This document is a summary of revenues from various sources in the state as well as giving expected revenues, based on income, corporation and other taxes received,

Trust Fund for Property Tax Relief

This graph shows the trust fund for property tax relief from FY 2005 to FY 2016.