As 2019 comes to a close, the S.C. Department of Revenue is reminding taxpayers to collect their receipts for gasoline and vehicle maintenance accrued throughout the year.
The receipts will be used when taxpayers file their 2019 income tax returns. The 2020 tax season is the second year state residents can claim the Motor Fuel Income Tax Credit on their tax returns, the DOR said in a news release.
The credit offsets the state gasoline tax passed in 2017, which increased fuel taxes by $0.02 on July 1 every year as part of the S.C. Infrastructure and Economic Development Reform Act. Money raised by the gas tax is set aside to pay for road improvements statewide.
The S.C. Department of Transportation reports the Motor Vehicle User Fee has raised $275.4 million as of Oct. 31. The revenue is deposited into the Infrastructure Maintenance Trust Fund.
State residents can get a tax credit for the money they spent on gasoline and vehicle preventative maintenance...