Quarterly Update from State Treasurer Curtis Loftis

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Quarterly State Treasurer's Office Update

February 2022

With billions of dollars in federal relief funds, surplus tax revenues and SRS settlement dollars, everyone is closely watching how the General Assembly plans to spend these funds in our next state budget.

While we may not be able to predict what their final spending plan will be, we do know that money is safely invested by our investment team. We are actively assessing and monitoring market conditions to ensure we maintain the proper liquidity and risk tolerance to meet our state and local government needs.

Our Banking division recently negotiated a new merchant card processing agreement for state agencies, and our Treasury Management team continues its focus on converting state vendors to electronic payments. These efforts not only reduce costs and potential for fraud. They enhance our customer service to the public agencies and institutions we are proud to serve.

Please don’t forget as you are finalizing your 2021 state tax returns to select Direct Deposit for your income tax refund. It’s the fastest and most secure way to receive their refunds.

Thank you for the privilege of serving as your State Treasurer.

All the best,

Claim Your Cash: Addition of 615,000 New Properties Announced

In observance of February 1 being National Unclaimed Property Day, State Treasurer Curtis Loftis recently announced that more than 615,000 new properties have been reported to the State’s Unclaimed Property Program.

Visual graphic of 10 illustrated figures representing people, nine of which are blue and one that is gold, representing a 1 in 10 statistic. Text on graphic reads, "1 in 10 odds of having unclaimed property" at the top. At the bottom of the graphic, text reads, "National Unclaimed Property Day. Visit: Treasurer.sc.gov"

“We know that approximately 1 in 10 Americans have unclaimed property. Each year billions of dollars get returned to State Treasurer’s Offices across the country,” explained Treasurer Loftis. “It’s our job to return those funds to the rightful owners, and I am encouraging individuals, businesses, charities, schools and other organizations to check our website to see if we have funds waiting for you.”

Currently, there is more than $750 million in unclaimed property located across the state. It only takes a few seconds to see if there’s any money owed to you – search now and claim your cash.

Find your missing money →

Increased Annual Contribution Limit

You may already know that the annual contribution limit for Palmetto ABLE^® accounts resets on January 1 of each year. But, did you know that as of January 1, 2022, the annual limit increased?

South Carolinians with disabilities are empowered to save more money now than ever – up to $16,000 can be contributed to an account each year, plus up to an additional $12,880 for employed individuals!

Learn more about the Palmetto ABLE Savings Program at PalmettoABLE.com.

Choose Direct Deposit

Visual graphic of two icons overlayed on one one another - icon in back represents clock with arrow wrapped around it and icon in front is dollar sign

It’s officially tax time! As you prepare your state and federal returns, remember to choose direct deposit for your tax refund. It’s the fastest, most secure and reliable way to receive your refund.

And choosing direct deposit for your tax refund doesn’t just get your money back to you faster, it also provides ample opportunity for boosting your savings. With split refunds, you have a convenient option for managing your money — sending some of your refund to an account for immediate use and some for future savings — teamed with the speed and safety of direct deposit.

Learn more from the IRS in its article here (and remember to choose direct deposit!): Get Your Refund Faster: Tell IRS to Direct Deposit your Refund to One, Two, or Three Accounts

Speaking of Tax Time...

Don’t forget to claim these South Carolina state income tax deductions! And these tax benefits are available to any South Carolina taxpayer – not just the account owner.

Any contributions you made to either of these savings plans administered by the State Treasurer’s Office can be claimed on your S.C. state income tax return:

Palmetto ABLE Savings Program

You can deduct up to 100% of contributions made to a Palmetto ABLE account by December 31, 2021.

Not a Palmetto ABLE account owner? These accounts offer South Carolinians a tax-advantaged way to save for the care and independence of individuals with disabilities without jeopardizing certain means-tested federal benefits.

Start saving for qualified disability expenses now and give yourself ample time to maximize your tax benefits for 2022.

Future Scholar 529 Plan

You can deduct up to 100% of your contributions to a Future Scholar account, including those you make all the way up to the filing deadline.

Rather than having to get all of your contributions in by December 31, 2021, this special perk allows you more time to make contributions that can either be claimed as a prior-year tax deduction or used toward your 2022 tax bill.

Not already saving with Future Scholar? Enroll and start saving for qualified education expenses.

No state funds are used in marketing Future Scholar.

Are You Owed an Outstanding Check?

Visual depiction of an outstanding check. Illustrated by outlined icons that are white, showing a paper check with a clock overlayed on it

Did you know a check issued by the State of South Carolina doesn’t expire? The State Treasurer’s Office maintains an online database of state-issued checks that allows individuals and vendors to search for payments that are over two years old and were never cashed.

See if you’re owed an outstanding payment from the State of South Carolina here →

Apply for the Next Cohort of Financial Literacy Master Teachers

K-12 educators are invited to apply for the fourth cohort of the South Carolina Financial Literacy Master Teacher Program. The deadline to apply is March 31, 2022.

The South Carolina Financial Literacy Master Teacher (SCFLMT) Program provides incentives to K-12 teachers who are experts in the area of financial literacy and have a desire to teach professional development workshops to other educators in their schools and districts. Through the program, participating teachers will have access to specialized training and financial literacy curriculum resources that will better enable them to promote financial literacy education in K-12 schools.

Selected SCFLMTs will enter a three-year cohort and will receive an incentive at each level, which you can find detailed in a PDF flier here.

To apply and learn more about the program, including its benefits and eligibility requirements, visit SCFLMT.org.

In Case You Missed It – From the Newsroom

Office of the State Treasurer
www.treasurer.sc.gov | 803-734-2101 | communications@sto.sc.gov
1200 Senate Street, Suite 214 | Wade Hampton Building | Columbia SC 29201

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