South Carolina businesses have historically been subject to business license taxes on their gross income that vary widely from jurisdiction to jurisdiction. The South Carolina Business License Tax Standardization Act (the “Act”) was enacted in 2020, but the effective date was generally delayed until January 1, 2022. The Act should greatly simplify the previous complex and burdensome state business license tax regime. The Act creates uniformity by establishing a formal appeals process for taxpayers, setting one standard 12-month filing period (May 1st to April 30th), requiring one standard application established by the Director of the South Carolina Revenue and Fiscal Affairs Office (RFA), requiring RFA to establish one standard class schedule by Dec. 31st of every odd year, and establishing a payment portal businesses can voluntarily use to pay any business license taxes owed. To read the full article, click here. By: Jeffrey T. Allen and John F. Wall, IV
On December 9th, John Wall of Burr & Forman and Scott Slatton of the Municipal Association of South Carolina (MASC) gave a summary of the South Carolina Business License Tax Standardization Act, discussed what the new law means for businesses, and gave a demonstration of the new statewide business license tax portal hosted by MASC. The new law simplifies business license tax (BLT) requirements by creating a standard BLT application, establishing a uniform BLT class schedule, and authorizing a centralized...
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