New income tax credit to offset gas tax increase in SC takes effect Monday

New income tax credit to offset gas tax increase in SC takes effect Monday

CHARLESTON, SC (WCSC) - A new income tax credit intended to offset the increased 2 percent gas tax increase that took place in July 2017 will go into effect Monday.

To claim the credit amount and for personal tax records, taxpayers must save receipts and invoices from fuel purchases beginning in January.

According to the Department of Revenue, taxpayers will calculate and claim the credit on Form I-385 when filing state income tax returns in 2019.

The tax went up from 16 cents to 18 cents in July and will increase by 2 cents every year through 2022.

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