• $60 in fees every two years if they own a hybrid vehicle
• $120 in fees every two years if they own an electric vehicle
• Up to $200 in added sales taxes if they buy a used car that costs between $6,000 and $10,000. Buyers who purchase vehicles that cost more than $10,000 also would pay an added $200. That tax hike is the result of increasing the cap on the sales tax on vehicle sales to $500 from $300.
• A one-time fee of up to $250 if they buy a vehicle out of state and register it in South Carolina.
What Offsets to the Tax are Included in the Bill? The bill includes an income tax credit for South Carolina residents that is meant to offset the increased gas tax. The bill also would increase the state’s college tuition tax credit, as well as increasing the tax credit for dual-income households that file joint returns. Besides creating a low-income tax credit for working families, the legislation calls for lowering the property tax burden on the state’s manufacturing sector over the next six years.
Will there be DOT Reform?
Yes. The Governor will gain more control over the DOT board.
The DOT board will now have nine members, up from the current eight, with two at-large members appointed by the governor and seven others --one from each congressional district –also appointed by the governor.