US Bank Held Liable for $4.78 Million South Carolina Tax Bill

US Bank NA must pay South Carolina about $4.78 million in bank taxes, interest, and penalties on income attributable to its activities in the state, an administrative law judge ruled Tuesday.

The bank challenged the South Carolina Department of Revenue’s assessment of tax on interest on loans and credit cards, credit card merchant fees, and the gain on its sale of Visa stock from 2011-2016. South Carolina Administrative Law Court Milton G. Kimpson agreed with the department that the receipts were properly sourced to the state based on the location of the bank’s South Carolina borrowers.

South Carolina imposes a ...