SSouth Carolina state lawmakers passed the state’s budget in June and approved a rebate that would see around $1 billion distributed to those eligible. WE citizens until the end of the year.
Taxpayers who filed their 2021 personal income tax return before the deadline – which was set for October 17 – will soon benefit from the discount.
How much will taxpayers get?
The amount each eligible taxpayer will receive is based on their individual tax liability, with the maximum amount being $800.
“Rebates are based on your 2021 tax liability, up to a cap,” reads the official South Carolina website.
“The refund cap — the maximum refund amount a taxpayer can receive — is $800. If your tax payable is less than $800, your refund will be the same amount as your tax payable. pay exceeds the $800 cap, you will receive an $800 rebate.”
Rob Waldenwho works with the South Carolina Department of Revenue, explained how eligible taxpayers can find out how much they will receive.
“You start at line 10 of your SC 1040 2021, and if line 10 has nothing on it, you are not eligible”, Walden declared.
“If there’s anything in the space, go down to rows 21 and 22, those are credits for the year, you add those two numbers together and you subtract that number from row 15.
“If this number is greater than zero, you are eligible for the rebate. If this amount is less than $800, the rebate amount must be the number you calculated. If it is greater than $800, you will receive the rebate cap of $800.”
When will you get your checks for $800?
The South Carolina Department of Revenue (SCDOR) announced Monday that it has begun sending the first round of payments to taxpayers.
Taxpayers must receive their remittances either by direct deposit or by paper check. Those who updated their banking information before November 1 will receive payment by mail.