By Jerry Bellune
JerryBellune@yahoo.com
It's no secret that state officials are collecting millions of dollars in gas tax money.
And it's no secret that they have little to show …
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By Jerry Bellune
JerryBellune@yahoo.com
It's no secret that state officials are collecting millions of dollars in gas tax money.
And it's no secret that they have little to show in road repairs for the money.
But there is a way to use the gas tax to cut your state income tax bill.
The cap for SC’s Motor Fuel Income Tax Credit is rissing to $85 million for tax year 2020.
The Department of Revenue says all you need is to include your gas and vehicle maintenance receipts in tax filings next year.
The upcoming tax season is the 3rd year you can claim the tax credit to offset the Motor Fuel User Fee.
The fee, commonly known as the gas tax hike and other vehicle fees, went into effect in 2017.
The gas tax rises 2 cents a gallon on July 1 every year for 2 more years.
You are paying 24 cents a gallon in Motor Fuel User Fees.
You can claim credit for all vehicles registered in SC in your name as a resident or for gas or maintenance work you bought in the state.
More than 79,000 tax returns claimed the credit for the 2020 filing year as of Nov. 30.
That's an average credit of $43 a return for a total of $3.4 million.
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