- South Carolina has implemented an additional tax known as the “Max Tax” on specific vehicles such as cars, aircraft, and boats.
- This tax is calculated at a rate of 5% of the total purchase price, with a maximum limit of $500.
- Recently, the South Carolina Court of Appeals made a ruling that led to the South Carolina Department of Revenue updating its definition of “motor vehicle.
- This updated definition now includes any motorized, self-propelled, and wheeled vehicle that does not operate on rails.
- Examples of vehicles that fall under this definition are golf carts, ATVs, UTVs, dirt bikes, and legend race cars.
Source Sovos
Click on the logo to visit the website
Latest Posts in "United States"
- U.S. to impose 100% tariff on branded, patented drugs unless firms build plants locally
- Streamlined Sales Tax: Is It the Right Fit for Every Business?
- FISC Hearing on Tax Implications of Trump Administration Policies September 23
- USA Simplified Sales Tax Program: E-commerce Benefits and Drawbacks Analysis
- Canada removing tariffs on certain US goods; Canadian business support measures announced