The South Carolina Administrative Law Court upheld a bank tax assessment that was based on adjustments made by the Department of Revenue to a taxpayer’s sales factor and tax base. The taxpayer, a national bank, offered a range of banking and trust services, and generated income by providing residential mortgages and other loans, and issuing
bank Tax
Don’t Bank on It: South Carolina Administrative Law Court Holds Banks Not Allowed to Utilize NOL Carryforwards
By Suzanne Palms & Jonathan Feldman on
Posted in Financial Services, In the News
The South Carolina Administrative Law Court found that the taxpayer bank could not deduct net operating loss (NOL) carryforwards when computing its bank tax liability. The taxpayer argued that banks should be allowed to deduct NOLs regardless of whether it is paying under the income or the franchise tax, because of the state’s conformity with…