Revenue Ruling 21-2: Internal Revenue Code Section 163(j)

This advisory opinion from the South Carolina Department of Revenue provides South Carolina’s tax treatment of a limitation on business interest expense limitation or carryforward as a result of the state not adopting IRC Section 163(j) for tax years beginning after 2017.

Other recent announcements from the SCDOR Policy Division include:

Information Letter 21-1: Advisory Opinion Index: This 40-page advisory opinion provides an up-to-date and organized index of all issued advisory opinions.

Information Letter 21-2: Citator of SC Advisory Opinions: This 54-page advisory opinion provides assistance in determining what effect new advisory opinions have on those previously published.

Information Letter 21-3: COVID-19 Temporary Claim for Admissions Tax Refund Process – Extended Through June 30, 2021: The DOR announced that the simplified refund procedure set forth in SC Information Letter #20-18 has been extended and will apply to admissions tax refunds to ticketholders for events scheduled from March 31, 2020 through June 30, 2021 affected by COVID-19 and that are refunded by the business to the ticketholder through June 30, 2021.

Revenue Ruling 21-1: South Carolina Housing Tax Credit: This 10-page advisory opinion addresses general questions about the new credit.

Public Draft – Charitable Contribution: This seven-page draft advisory opinion advises taxpayers of the South Carolina impact of the new Treasury regulations under IRC Sections 170, 162, and 164 when the taxpayer receives or expects to receive a state tax credit in exchange for the contribution. Comment close date is Feb. 2.

You can visit the DOR’s Advisory Opinion Tracker at