Helping a manufacturer recover tax overpayments and reduce future taxation

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?”

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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

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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

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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!

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We Can Help

For more information on how Elliott Davis can assist you and your business, contact a member of our team below.

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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.‍