GAS RECEIPTS CODE

GAS RECEIPTS CODE

Code Section 5727.33(B)(1), all receipts derived 'wholly from interstate business' are excluded from the public utility excise tax. The pipeline connects with 28 other interstate pipelines, with six of those interconnections in Ohio.ДЄt issue in the case is the transportation of natural gas solely within Ohio. The pipeline is approximately 1,700 miles long and crosses through eight states, including Ohio, where its easternmost terminus is located. Rockies Express Pipeline LLC (Rockies Express) is an interstate pipeline used to transport natural gas. The Court concluded that the exclusion from the excise tax for 'receipts derived wholly from interstate business' does not apply to receipts earned solely from intrastate transportation. In Rockies Express Pipeline, LLC, 1 the Supreme Court of Ohio (Court) held that a company operating an interstate pipeline for the transportation of natural gas is subject to Ohio's public utility excise tax on receipts earned from transporting the gas solely within Ohio. You can submit the receipts and fill out the Motor Fuel Income Tax Credit (I-385) form, available at dor.sc.gov/forms, before filing taxes next year.Ohio Supreme Court holds receipts earned by intrastate transportation of gas are subject to public utility excise tax In order to get credit for next year, save all 2021 South Carolina receipts of gas purchases and vehicle maintenance expenses, including receipts from the gas pump, credit card statements, or invoices, according the Department of Revenue website. Rainwater said that he hadВ heard that many taxpayers found the process of maintaining receipts and applying for the creditВ complicated, though he cautioned that he had simply heard it and did not have hard evidence for it. 'We know how much gasoline is purchased, how many cars there are in South Carolina and the maximum potential of the credits.'Д«ut the question, he said, was how many people were going to maintain the records to get the credits. 'We had to rely on a lot of assumptions, so that's how the numbers turned out,' he said. That means that residents were claiming 5% of the allowed returns.ДЄs of June 23, the state has recorded only 66,187 returns for the 2020 tax year.ДЇrank Rainwater, executive director of the Revenue and Fiscal Affairs Office said that the office did not have a lot of actual data to go on in the earlier years. The state that year returned only $3.4 million, even as the cap was set at $65 million. By 2020, that cap had reached $85 million owing to the 2 cent increase every year.Д«ut residentsВ are not claiming these tax credits.ДЇor tax yearВ 2018, the Department of Revenue recorded 81,981 returns that were worth nearlyВ $2 millionВ in credit.Д«y the next year, the number of returns dropped to 79,616. The legislature set a credit cap of $40 million in 2018. Any costs incurred at theВ gas pumps as well as getting new tires, oil change and servicing, which falls under 'preventive maintenance' for safety purposes, can be refunded as an income tax credit, the law states.ДЄ resident is able to claim the credit for up to two private passenger vehicles. Meanwhile 74% of projects worth $164 million inВ Spartanburg County and 72% ofВ Anderson County'sВ $69 million in constructions were completed, data show.ДЄs part of the gas tax, resident taxpayers are also given the optionВ to claim a tax credit. In Greenville County, 76% of construction projects worth $60.7 millionВ were completed. Nearly all counties, except for Union, Laurens and CherokeeВ counties,В had about three-fourths of their constructionsВ completed, as per Department of Transportation data. Since 2017, theВ fund has accumulated a revenue of $1.85 billion and about 54% has been used to fund projects that include paving, interstate widening, bridge projects and infrastructure to make rural roads safer. The money collected from the tax is put in the infrastructure maintenance fund that is used to fund road repair and maintenance projects. The state legislature passed a law that set in place a gas tax, which would grow in phases until 2022. The gas tax has increasedВ by 2 cents each year since 2017,В when it was first established.Д®mbittered by growing disrepair in state roads, the Department of TransportationВ initiated a push to shiftВ its source of revenue from relying on federal funds to something that was easily accessible.

But even as the state has been earning more revenue every year,В South Carolinians are not cashing in receipts and enjoying the benefits. Residents of South Carolina will be paying 26 cents per gallon with the gas tax increasing July 1.

Gas receipts