If you’re a South Carolina resident, make sure you’re saying “yes” to getting a receipt at the gas pump.
Starting in January, drivers who save their receipts can claim a new motor fuel income tax credit.
Motorists can use Form I-385 to calculate and claim the credit when filing state income returns in 2019.
The credit is meant to offset the state gas tax increase last summer of 2 cents per gallon. The extra money will be used to fix the state's crumbling roads.
The Department of Revenue released a list of what drivers need to know:
- This is a refundable credit on up to two vehicles per resident taxpayer and is provided to offset the motor fuel user fee increase.
- To calculate and claim the credit amount and for personal tax records, taxpayers must save receipts and invoices from:
- Fuel purchases beginning in January 2018.
- Vehicle preventative maintenance costs beginning in January 2018.
- Taxpayers receive a credit on the lesser amount paid for either the motor fuel user fee increase or the vehicle's preventative maintenance.
- Taxpayers will calculate and claim the credit on Form I-385 when filing state income tax returns in 2019. (This form will be available in January 2019.)
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