South Carolina Panel Looks for Ways to Carve Up US Bank Tax Bill

Two South Carolina Court of Appeals judges at oral arguments Wednesday drilled down into US Bank NA’s individual mortgage and credit card activities in a case over which ones can be attributed to the state for taxation purposes.

The company asked the court to overturn a 2024 administrative law court ruling that it owes $2.83 million in bank taxes—totaling nearly $5 million with penalties and interest—on income attributable to its activities in the state for tax years 2011 to 2016. South Carolina apportionment law looks to where the “income-producing activity” occurs, and the bank argued it does its mortgage and ...