The General Assembly passed the SC Business License Tax Standardization Act, Act 176, in September 2020. Act 176 streamlines the business license process, creating the same process for taxing jurisdictions across the state. The standardization process is not optional; it is now required by law.
Cities and towns must also update their license ordinance to comply with the new law, effective January 1, 2022.
The Municipal Association is available to assist cities and towns through the process. To simplify this process, the Association is outlining what needs to be done throughout the next year.
Export the business license data to an Excel file and begin the rebalancing process so that 2022 revenue will not show a windfall relative to 2020 revenue or create an unexpected revenue loss.
Business License Tax Rates Rebalancing Process
Sample Rebalancing Data Export Spreadsheet