SC Dept of Revenue Issuing Almost $1 Billion in “Inflation Rebates”
September 26, 2022 1:15PM EDT
Wild because I’ve only seen about this from a rando on Twitter; South Carolina is one of 17 states who are doing inflation refunds. The overview is:
Who is eligible?
Taxpayers who filed a 2021 state Individual Income Tax Return by the 10.17.2022 deadline AND you have Individual Tax liability for 2021 AND you are a SC resident, part year resident, or non-resident.
How to calculate?
- On your SC1040, see if you have an amount on Line 10. (If you don’t, you are not eligible. If the line is $1 or more, continue).
- Add refundable credits on lines 21 & 22, then subtract that total from line 15. [Line 15 – (Line 21 & 22)]
- If the amount calculated is the less than the rebate cap (currently expected to be $700), you will receive that amount. If it’s greater than or equal to the cap, you receive the cap amount.