South Carolina: Tax Amnesty Proposed
- Mar 13, 2015 | Gail Cole
South Carolina Department of Revenue to create a tax amnesty program.
If enacted as written, Senate Bill 526 would allow the department to create a three month amnesty. Program participants would be required to voluntarily file returns and pay in full “all previously assessed tax liabilities” during the amnesty period. Taxpayers who are the subject of a state tax-related criminal investigation or prosecution would not be eligible to participate in the program.
The department would waive penalties and interest on delinquent taxes for successful participants of the amnesty program. If necessary, the department could create an installment agreement with a participating taxpayer, so long as the agreement is “agreed upon before the close of the amnesty period….” However, penalties and interest would not be waived for taxpayers with outstanding liabilities for periods not covered by the tax amnesty.
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