South Carolina State Tax Rulings
Free plain-English summaries of state tax letter rulings and advisory opinions issued in South Carolina, with full citations and the original source on every page.
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What is South Carolina's tax interest rate for the period ending December 31, 2009 (per SC IL #09-15)?
4%. SC Information Letter #09-15 sets South Carolina's interest rate on tax underpayments and overpayments at 4% for the period April 1, 2009 through December 31, 2009. Interest is compounded daily, e…
What is South Carolina's tax interest rate for the period ending September 30, 2009 (per SC IL #09-7)?
4%. SC Information Letter #09-7 sets South Carolina's interest rate on tax underpayments and overpayments at 4% for the period April 1, 2009 through September 30, 2009. Interest is compounded daily, e…
What is South Carolina's tax interest rate for the period ending June 30, 2009 (per SC IL #09-3)?
4%. SC Information Letter #09-3 sets South Carolina's interest rate on tax underpayments and overpayments at 4% for the period April 1, 2009 through June 30, 2009. Interest is compounded daily, except…
What is South Carolina's tax interest rate for the period January 1, 2009 through March 31, 2009 (per SC IL #08-25)?
5%. SC Information Letter #08-25 sets South Carolina's interest rate on tax underpayments and overpayments at 5% for the period January 1, 2009 through March 31, 2009. Interest is compounded daily, ex…
What is South Carolina's tax interest rate for the period October 1, 2008 through December 31, 2008 (per SC IL #08-18)?
6%. SC Information Letter #08-18 sets South Carolina's interest rate on tax underpayments and overpayments at 6% for the period October 1, 2008 through December 31, 2008. Interest is compounded daily,…
What is South Carolina's tax interest rate for the period July 1, 2008 through September 30, 2008 (per SC IL #08-9)?
5%. SC Information Letter #08-9 sets South Carolina's interest rate on tax underpayments and overpayments at 5% for the period July 1, 2008 through September 30, 2008. Interest is compounded daily, ex…
What is South Carolina's tax interest rate for the period April 1, 2008 through June 30, 2008 (per SC IL #08-4)?
6%. SC Information Letter #08-4 sets South Carolina's interest rate on tax underpayments and overpayments at 6% for the period April 1, 2008 through June 30, 2008. Interest is compounded daily, except…
What is South Carolina's tax interest rate for the period January 1, 2008 through March 31, 2008 (per SC IL #07-21)?
7%. SC Information Letter #07-21 sets South Carolina's interest rate on tax underpayments and overpayments at 7% for the period January 1, 2008 through March 31, 2008. Interest is compounded daily, ex…
What is South Carolina's tax interest rate for the period July 1, 2006 through December 31, 2007 (per SC IL #07-17)?
8%. SC Information Letter #07-17 sets South Carolina's interest rate on tax underpayments and overpayments at 8% for the period July 1, 2006 through December 31, 2007. Interest is compounded daily, ex…
What is South Carolina's tax interest rate for the period July 1, 2006 through September 30, 2007 (per SC IL #07-13)?
8%. SC Information Letter #07-13 sets South Carolina's interest rate on tax underpayments and overpayments at 8% for the period July 1, 2006 through September 30, 2007. Interest is compounded daily, e…
What is South Carolina's tax interest rate for the period July 1, 2006 through June 30, 2007 (per SC IL #07-6)?
8%. SC Information Letter #07-6 sets South Carolina's interest rate on tax underpayments and overpayments at 8% for the period July 1, 2006 through June 30, 2007. Interest is compounded daily, except …
What South Carolina tax interest rate applied from October 1, 2005 through June 30, 2006?
7%. SC Information Letter #06-6 lists South Carolina's interest rate on tax underpayments and overpayments as 7% for October 1, 2005 through June 30, 2006. Interest was compounded daily, except simple…
After a parent sold all stock of its South Carolina subsidiary on August 31, 1988 and later made an IRC section 338(h)(10) election, when was the subsidiary's South Carolina return due and how were penalties, interest, and estimated tax handled?
The South Carolina return was due November 15, 1988 whether or not the section 338(h)(10) election was made. An extension could match the federal period, but the tentative state return ordinarily was …
What does SC Private Letter Ruling #89-5 conclude about a long-term capital-gains refund and estimated income tax?
One-half of the refundable credit for 1987 capital gains could be used when calculating the taxpayer's 1989 estimated South Carolina income tax. That half was taken on line 7 of the 1989 estimated-tax…
Would South Carolina waive the estimated-tax underpayment penalty caused by the 1987 increase in the required prepayment from 70% to 90%?
Yes — as one-time transitional relief. In Revenue Ruling 88-1 the South Carolina Tax Commission waived the penalty for underpayment of estimated income tax that resulted from a 1987 law (§ 12-54-55) r…
Did South Carolina waive the estimated-tax underpayment penalty for farmers and fishermen for tax year 2012 (per SC IL #13-2)?
Yes. Following IRS Notice 2013-5, the South Carolina Department of Revenue waived the estimated-tax underpayment penalty for qualifying farmers and fishermen for tax year 2012 if they filed their retu…
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These are official tax letter rulings and advisory opinions issued by South Carolina's revenue authority in response to questions from specific taxpayers about how the tax law applies to their facts. A ruling is binding on the department only for the taxpayer who requested it and cannot be relied on by anyone else, but it is strong evidence of how the state reads the law. Every ruling above has a plain-English question and short answer, plus a link to the full original source.