New South Carolina Law Offers Tax Credit for Preventative Maintenance
Here’s a New Year’s resolution worth keeping: Start saving your receipts at the gas pump.
When S.C. lawmakers last spring passed the state’s first gas-tax hike in 30 years, they included a few sections of the law that kick in on New Year’s Day.
One new feature is a tax credit for preventative maintenance on your car, truck or motorcycle.
To earn it, save your receipts – starting Jan. 1 – when you buy gas or pay for car maintenance, such as new tires or oil changes for up to two vehicles.
You then can claim those expenses on your 2018 taxes and be reimbursed either the amount you paid in higher gas taxes at the pump or what you spent on maintenance – whichever amount is smaller.
For context, the gas tax rose 2 cents a gallon in July. It will rise another 2 cents in July 2018, on its way to a 12-cent increase by 2022. S.C. tax officials estimate the tax credit could save the average driver $15 next year, and as much as $55 by 2022.
The gas-tax credit is just one of a few laws that take effect on New Year’s Day, affecting South Carolinians.
This excerpt of "New SC laws go into effect on New Year’s Day 2018" was written by Avery G. Wilks and first published on thestate.com