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Below is a snapshot of key features of South Carolina's tax system. (Scroll Down)
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State & Local Revenue (FY08)
- General Revenue, Own-Source (GROS): $24.3 billion
- General Revenue as a Share of Income: 16.9%
- Tax Revenue: $13.2 billion
- Tax Revenue as Share of income: 9.2%
- Personal Income Tax (Share of Tax Revenue): 21.8% (34 out of 51)
- Corporate Income Tax (Share of Tax Revenue): 2.4% (43 out of 51)
- Sales & Excise Tax (Share of Tax Revenue): 34.9% (23 out of 51)
- Property Tax (Share of Tax Revenue): 32.7% (18 out of 51)
- Other Taxes (Share of Tax Revenue): 4.3% (15 out of 51)
Personal Income Tax Features (2011)
- Range of Tax Rates: 0% - 7%
- Standard Deduction: $5,800 ($11,600 for Married Couples)
- Personal Exemption: $3,700
- Dependent Exemption: $3,700
- Earned Income Tax Credit (EITC): None
- Notable capital gains preference
Corporate Income Tax Features (2011)
- Range of Tax Rates: 5.00%
- Income Level at Which Top Rate Applies: All
- Combined Reporting: No
- Apportionment Factor (Payroll): 25%
- Apportionment Factor (Property): 25%
- Apportionment Factor (Sales): 50%
- Apportionment Note: Certain corporations (including manufacturers) may use sales only formula, but tax savings limited by law until 2011
Sales Tax Features (2011)
- State Sales Tax Rate: 6.00%
- Average Local Sales Tax Rate: 1.15%
- Average Combined State & Local Sales Tax Rate: 7.15%
- State Sales Tax Treatment of Groceries: Exempt
- Local Sales Tax Treatment of Groceries: Taxed
- Number of Services Taxed: 35 out of 168 surveyed
- Streamlined Sales Tax Membership: No
- Sales tax holiday offered in 2011
Property Tax Features (2011)
- No homeowner property tax on school operating costs.
- Homestead taxable value increases limited to 15% every 5 years.
Other Tax & Revenue Features (2011)
- Gasoline Tax Rate (per gallon): $0.168
- Diesel Tax Rate (per gallon): $0.168
- Cigarette Tax Rate (per pack): $0.57
- Estate or Inheritance Tax: No
- Net Lottery Sales Per Capita: $246
Tax Policy Oversight
- Tax Expenditure Report: Yes, but excludes at least one major tax
- Tax Incidence Analysis Capability: None
Last Updated August 25, 2011
Sources & Glossary
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