Daily Tax Report: State

South Carolina DOR Issues Information Letter Providing Overview of 2020 Tax Legislative Updates

July 10, 2020, 5:00 AM

The South Carolina Department of Revenue July 9 issued an information letter providing 2020 tax legislative updates impacting corporate income, individual income, sales and use, and excise taxes. Due to COVID-19, legislative activity was limited during the legislative session, and the General Assembly will reconvene during the upcoming months with adjournment by Nov. 8. The General Assembly also extended the fiscal year July 1, 2019 – June 30, 2020 budget due to COVID-19, with the intent to approve a Fiscal Year 2021 budget when the session reconvenes. The bills passed in 2020: 1) create the South Carolina Housing Tax Credit;...

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