What were the critical changes in South Carolina’s tax and regulatory laws enacted during the past legislative session? The state’s Department of Revenue has prepared a summary of these changes in “Information Letter 19-23: Tax Legislative Update for 2019.”
The 52-page summary is divided into categories and subject matter for significant changes in tax laws (both permanent and temporary) enacted in 2019. Temporary provisos are enacted in the State budget and are only effective for the State fiscal year (July 1-June 30). Unless reenacted, temporary provisos expire on June 30, 2020. Also included are reminders of provisions enacted in a prior year but are being phased in or are effective in 2019.
This is intended to be a summary of the important points of the legislation and does not represent official Department policy or interpretation. For specific details and requirements, please refer to the full text of the legislation at the South Carolina Legislature’s website of scstatehouse.gov.
There may be instances where tax or incentive-related legislation summarized is under the jurisdiction of another state agency or political subdivision other than the DOR. In such cases, questions concerning these provisions should be made directly to the agency or political subdivision having primary responsibility for the administration of these acts.
To keep up with SCDOR Advisory Opinions, go to https://dor.sc.gov/policy/index/new-draft-advisory-opinions. For the latest SCDOR Policy Division news, sign up for email alerts at dor.sc.gov/policy-news.