South Carolina Issues Revenue Ruling Concerning Partial Property Tax Exemption for Manufacturing Property

The South Carolina Department of Revenue (DOR) Nov. 30 issued a revenue ruling updating a prior ruling to reflect changes made by the state legislature to the partial property tax exemption for manufacturers. The DOR explains that the changes: 1) increase the amount of the partial exemption; 2) increase the amount of reimbursement to the counties for revenue lost because of the increase in the partial exemption; 3) exclude public utilities from application of the partial exemption; and 4) eliminate the phase-in of the partial exemption. The updated ruling includes a discussion of the law related to the changes as ...