SC DOR Property Tax Guidance for Manufacturers
On December 16, 2016, the South Carolina Department of Revenue issued
SC Revenue Ruling #16-12
, providing guidance on the return, assessment, and payment of property taxes for manufacturers' property. In South Carolina, manufacturers' property is valued and assessed by the Department of Revenue. Generally, returns for manufacturers' property must be filed with the Department on or before the last day of the fourth month after the close of the manufacturer's income tax year. The return must list the real and personal property owned by the manufacturer on the last day of the manufacturer's income tax year.
SC Revenue Ruling #16-12 is divided into several parts: a brief discussion of general property tax rules; general rules for the return and assessment of manufacturers' property; rules for when manufacturers' property is placed in service after the end of the manufacturer's income tax year; special rules for when manufacturers' property is sold during the calendar year; rules for when a manufacturer begins operations in South Carolina; rules for when a manufacturer ceases operations in South Carolina; and rules for when a manufacturer has more than one income tax year end during the calendar year.
Revenue Ruling #16-12 is a great resource for manufacturers to consult in addressing any South Carolina property tax issues. Please contact a member of the HSB Economic Development Team if you have any questions.