Act 176 standardizes many elements of business
license tax administration that were previously determined by
Act 176 requires cities and
towns that levy a business license tax to
- Issue a business license for a period of May 1 to April 30.
- Calculate the tax based on a business’ gross income for the
previous calendar year or its previous fiscal year.
- Use the law’s definition of gross income.
- Accept a standardized application approved by the SC
Revenue and Fiscal Affairs Office.
- Use the law’s standardized class schedule.
- Allow businesses to make renewal payments through an
online payment system hosted by the SCRFA.
- Use the law’s standardized appeals process.
- Set rates for the 2022 license year to prevent a revenue
windfall in the first year of compliance with the law.