Current Status Introducing Body:Senate Bill Number:204 Primary Sponsor:Passailaigue Committee Number:06 Type of Legislation:GB Subject:Corporate income tax rates Residing Body:Senate Current Committee:Finance Computer Document Number:204 Introduced Date:Jan 08, 1991 Last History Body:Senate Last History Date:Jan 08, 1991 Last History Type:Introduced and read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Passailaigue Type of Legislation:General Bill
Bill Body Date Action Description CMN
---- ------ ------------ ------------------------------ ---
204 Senate Jan 08, 1991 Introduced and read first 06
time, referred to Committee
204 Senate Sep 17, 1990 Prefiled, referred to 06
Committee
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TO AMEND SECTION 12-7-230, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE IMPOSITION OF THE CORPORATE INCOME TAX, SO AS TO ELIMINATE THE FIVE PERCENT RATE AND IMPOSE A PROGRESSIVE TAX WITH RATES FROM TWO TO SIX PERCENT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-7-230 of the 1976 Code is amended to read:
"Section 12-7-230. (A) Every corporation organized under the laws of this State, whose entire business is transacted or conducted within this State, shall make a return and shall pay annually an income tax equivalent to five percent of the entire net, as provided in subsection (B), on the taxable income received by the corporation during the income tax year, and except as otherwise provided, every corporation organized under the laws of this State, doing or transacting business partly within and partly without this State, shall make a return and shall pay annually an income tax equivalent to five percent of, as provided in subsection (B), a proportion of its entire net taxable income to be determined as provided in this chapter, and except as otherwise provided, every foreign corporation transacting, conducting, doing business, or having an income within the jurisdiction of this State, whether or not the corporation is engaged in or the income derived from intrastate, interstate, or foreign commerce, shall make a return and shall pay annually an income tax equivalent to five percent of , as provided in subsection (B), on a proportion of its entire net taxable income, to be determined as provided in this chapter. The term 'transacting', 'conducting', or 'doing business', as used in this section, includes the engaging in or the transacting of any activity in this State for the purpose of financial profit or gain.
(B) In the case of any corporate taxable year beginning before January 1, 1989, the rate imposed by subsection (A) does not apply and the following rates apply:
(1) six percent for corporate taxable years beginning before 1988;
(2) five and one-half percent for corporate taxable years beginning in 1988.
(B) For taxable years beginning after 1990, a tax is imposed on the South Carolina taxable income of corporations computed at the following rates:
Not over $25,000 2 percent of taxable
income
Over $25,000 but $500 plus 3 percent of
not over $50,000 the excess over
$25,000
Over $50,000 but $1,250 plus 4 percent not over $75,000 of the excess over
$50,000
Over $75,000 but $2,250 plus 5 percent
not over $100,000 of the excess over $75,000
Over $100,000 $3,500 plus 6 percent
of the excess over
$100,000."
SECTION 2. This act takes effect upon approval by the Governor.