On May 20, 2024, South Carolina Governor Henry McMaster signed into law S.1021, a new law that extends and increases tax credits available to taxpayers who rehabilitate or renovate an existing, abandoned building. The new law...more
The availability of “affordable housing” has become a major issue in many cities, counties and states across the United States, and South Carolina is no exception. To help address the affordable housing shortage, in 2020,...more
On March 11, 2020, President Biden signed into law the American Rescue Plan Act (“ARPA”). The ARPA mandated several important changes for both employers and employees. One of these is potentially significant for both: full...more
Prior to the passage of The American Rescue Plan Act of 2021 on March 11, 2021 (the “Rescue Act”) the employee retention credit, as amended by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (the “Relief Act”), was...more
The Employee Retention Credit, as originally enacted on March 27, 2020 by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), is a refundable tax credit against certain employment taxes equal to 50% of the...more
3/3/2021
/ CARES Act ,
Coronavirus/COVID-19 ,
Employee Retention ,
Infectious Diseases ,
IRS ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA Lending Programs ,
Tax Credits ,
Tax Planning ,
Tax Relief
South Carolina enacted a state low income housing tax credit on May 14, 2020...
The South Carolina State Housing Finance and Development Authority (SC Housing) is required to issue an eligibility statement in order for a...more
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) provides individuals with a stimulus payment of $1,200 per adult, plus $500 for each qualifying child age 16 and under (subject to phase-outs for higher...more
The South Carolina General Assembly passed the Workforce and Senior Affordable Housing Act on May 12, 2020, and the Act was signed into law by the Governor on May 14, 2020. The Act is effective for qualified projects placed...more
One of the provisions included in the Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allows an employer and self-employed individuals to defer the payment of the employer’s share of social security taxes (not...more
On March 27, 2020 the the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act or Act), H.R. 748, became law. The Act provides eligible employers a tax credit against employment taxes equal to 50% of qualified...more
The COVID-19 or Coronavirus has disrupted demand in many industries and is wreaking havoc on budgets and cash flow projections. On March 27, 2020 the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act or Act),...more
3/31/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Employee Retention ,
Excise Tax ,
Income Taxes ,
Net Operating Losses ,
Payroll Taxes ,
Relief Measures ,
Required Minimum Distributions ,
Retirement ,
Tax Credits ,
Tax Deductions ,
Tax Planning ,
Tax Relief ,
Wage and Hour
The South Carolina Infrastructure and Economic Development Reform Act, 2017 Act 40, was recently enacted and is designed to enhance South Carolina’s economic competitiveness. The Act, commonly referred to as the gas tax bill,...more
8/17/2017
/ Ad Velorum Property Taxes ,
Commercial Property Owners ,
Department of Revenue ,
Economic Development ,
Gas Taxes ,
Infrastructure Financing ,
Manufacturers ,
Manufacturing Facilities ,
New Legislation ,
Property Tax ,
State and Local Government ,
Tax Credits ,
Tax Exemptions
The South Carolina Department of Revenue (SCDOR) released its annual tax legislative update on October 10, 2016 in SC Information Letter #16-11. The guidance provides a summary of significant changes in tax and regulatory...more
On May 23, 2016 the South Carolina Textiles Communities Revitalization Act was amended to remove a fifty percent cap applicable to the income tax credit provided by the Act. L. 2016, H5009. This taxpayer-friendly amendment...more