SC Department of Revenue announces new fuel income tax credit - WMBFNews.com, Myrtle Beach/Florence SC, Weather

SC Department of Revenue announces new fuel income tax credit

SCDOR announces new fuel income tax credit (Source: commons.wikimedia.org) SCDOR announces new fuel income tax credit (Source: commons.wikimedia.org)

MYRTLE BEACH, SC (WMBF) – A new income tax credit has been announced by the South Carolina Department of Revenue designed to offset the increased fuel user fee established by the South Carolina Infrastructure and Economic Development Reform Act.

Taxpayers may claim the motor fuel income tax credit while filing their state income tax returns beginning in 2019. According to the press release, the credit is applied to your 2018 South Carolina individual income taxes which are filed in 2019.

“The South Carolina Department of Revenue is committed to keeping taxpayers informed on this new legislation and how it can benefit them. We are here to assist all South Carolina taxpayers in understanding and easily complying when claiming the new motor fuel tax credit,” Hartley Powell, SCDOR director, said.

Here is what you need to know:

  • This is a refundable credit on up to two vehicles per resident taxpayer and is provided to offset the motor fuel user fee increase.
  • To calculate and claim the credit amount and for personal tax records, taxpayers must save receipts and invoices from fuel purchases beginning  in January 2018 and vehicle preventative costs beginning in January 2018.
  • Taxpayers receive a credit on the lesser amount paid for either the motor fuel user fee increase or the vehicle’s preventative maintenance.
  • Taxpayers will calculate and claim the credit on Form I-385 when filing state income tax returns in 2019. (This form will be available in January 2019.)

For more information click here.

Copyright 2017 WMBF News. All rights reserved.

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