The South Carolina Department of Revenue is issuing close to one billion dollars in state tax rebates before the end of the year, but only to those who have filed their 2021 SC Individual Income Tax returns by October 17, 2022. This is the deadline that was set for extension filers, and the rebate is based on the taxpayer’s tax liability up to a certain amount.
Taxpayers who have filed their 2021 Individual Income Tax return by the deadline will receive the rebate soon. The rebates will be issued before December 31, 2022, and married couples filing joint returns will receive one rebate. Those who have not filed an SC Individual Income Tax return by October 17, 2022, or taxpayers who have no state Individual Income Tax liability for the 2021 tax year, will not be eligible for the rebate.
The amount of the rebate is determined on the 2021 SC1040 form by adding the refundable credits, lines 21 and 22, and subtracting those credits, if any, from line 15. If that amount is less than the rebate cap determined by the SCDOR after October 17, the taxpayer will receive that amount. If it is greater than or equal to the cap, the taxpayer will receive the cap amount in stimulus check.
Stimulus Check Payments Are On-going
For most taxpayers, the SCDOR will issue stimulus check rebates in much the same way they issued refunds this year. If the taxpayer received a refund by direct deposit, the SCDOR will use the same bank account to issue the rebate by direct deposit. If the bank account has changed since receiving the 2021 direct deposit refund, the taxpayer must notify the SCDOR by November 1.
Hurricane Ian tax relief has postponed the extension deadline from October 17 to February 15, 2023, and taxpayers can file by the extended due date and still be eligible for a rebate stimulus check, but they will not receive their rebate until March 2023.
The South Carolina legislature approved the rebates in June as they finalized the state budget, and taxpayers do not need to send their self-calculation or any additional information to the SCDOR to receive their rebate.
For more information, taxpayers can connect with the SCDOR on Facebook, Twitter, and subscribe to ReveNews to stay up-to-date with the latest news, tax tips, and available resources.
