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Beginning with the 2018 tax year, a new refundable income tax credit is allowed for preventative maintenance on a private passenger motor vehicle or motorcycle registered in South Carolina. The amount of the credit is the lesser of: (1) the resident taxpayer’s actual motor fuel user fee increase incurred for that motor vehicle as a result of the increase of two cents a year for six years in the motor vehicle user fee (also enacted in H.B. 3516) or (2) the amount the resident taxpayer expends on preventative maintenance. Documentation may be required. A resident taxpayer may claim the credit for up to two private passenger motor vehicles, each calculated separately.
“Preventive maintenance” includes costs incurred within South Carolina for new tires, oil changes, regular vehicle maintenance, and the like.
“Motor fuel expenditures” are defined as purchases of motor fuel within South Carolina to which the motor fuel user fee increase of two cents a year for six years applies.
The CCH Tax Review is one of a myriad of newsletters accessed through the electronic resource CCH Tax Research. CCH Tax Research, located in the All Databases list, contains all reports, rulings, tax court memos, bulletins, and updates in the Standard Federal Tax Reporter. It also includes Federal Income Tax Reporter, Internal Revenue Code, Federal Estate/Gift Tax Reporter. Note: Furman students, faculty, and staff must create a free account to use this database.
Interested in reading more about the tax credits for South Carolina drivers? The political blog, FITSNews, offers its take on the issue. FITSNews describes itself as “Unfair and Imbalanced,” and aims to provide an “irreverent look at politics in the always-entertaining Palmetto State…from a decidedly libertarian perspective.”