Elliott Davis was asked: “Our personal property tax bill has steadily increased over the past couple of years – is there anything we can do about it?”
Context
- North American based manufacturer of plastic products
- Headquartered in South Carolina
- Wanted to identify if company was in a position to lower their annual personal property tax bill
Our Approach
- Elliott Davis State and Local Tax (SALT) team was introduced
- Team completed a no-cost opportunity review and determined that the company was overpaying on personal property taxes
- Asset classification and taxability review of previously reported costs were completed
- Correspondence with the SC DOR was handled entirely by Elliott Davis team members
Customer Impact
- Also identified South Carolina port volume credits not previously taken
- Overall, amended 2021, 2022 & 2023 PT-300 personal property tax returns Implemented same changes on the initially filed 2024 return
- Reduced annual property tax bills by 20%
- Amended returns generated refund claims of approximately $350,000
- Tax saving measures will continue to be realized in future filings!
We Can Help
For more information on how Elliott Davis can assist you and your business, contact a member of our team below.
The information provided in this communication is of a general nature and should not be considered professional advice. You should not act upon the information provided without obtaining specific professional advice. The information above is subject to change.
“Elliott Davis" is the brand name under which Elliott Davis, LLC (doing business in North Carolina and D.C. as Elliott Davis, PLLC) and Elliott Davis Advisory, LLC and its subsidiary entities provide professional services. Elliott Davis, LLC and Elliott Davis Advisory, LLC and its subsidiary entities practice as an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations and professional standards. Elliott Davis, LLC is a licensed independent CPA firm that provides attest services to its customers. Elliott Davis Advisory, LLC and its subsidiary entities provide tax and business consulting services to their customers. Elliott Davis Advisory, LLC and its subsidiary entities are not licensed CPA firms. The entities falling under the Elliott Davis brand are each individual firms that are separate legal and independently owned entities and are not responsible or liable for the services and/or products provided by any other entity providing services and/or products under the Elliott Davis brand. Our use of the terms “our firm” and “we” and “us” and terms of similar import, denote the alternative practice structure conducted by Elliott Davis, LLC and Elliott Davis Advisory, LLC.
