US Bank Convinces South Carolina Judge to Slim Down Tax Bill

US Bank NA owes South Carolina about $950,000 less in bank taxes after a state administrative law judge partially reconsidered an earlier ruling and held the state can’t tax a sale of Visa stock by the bank’s parent company.

In June, South Carolina Administrative Law Court Judge Milton G. Kimpson held that the bank owes $3.78 million in taxes, plus penalties and interest, on income attributable to its activities in the state. Administrative Law Judge Robert L. Reibold decreased that amount to $2.83 million Monday, agreeing with the bank that South Carolina can’t tax US Bancorp’s sale of Visa stock ...