All businesses are required to file a personal property return form on or before April 30th or 120 days after the close of their business year. A 10% penalty is added for filing late. There are no provisions for extensions.
Value of Furniture, Fixtures, & Equipment
South Carolina Code of Regulations Chapter 117-1840.1 provides: The fair market value of merchants' furniture, fixtures and equipment shall be the depreciated value as shown by the merchants' records for income tax purposes, provided however, that in no event is the original cost of the property to be reduced by more than ninety percent of the original capitalized cost.