Download This Version in Microsoft Word format
TO AMEND SECTION 12-20-50, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE CORPORATE LICENSE TAX, SO AS TO ALLOW A HOLDING COMPANY TO REDUCE ITS PAID-IN CAPITAL SURPLUS BY THE PORTION OF CONTRIBUTIONS TO ITS CAPITAL RECEIVED FROM ITS PARENT CORPORATION THAT IS DIRECTLY OR INDIRECTLY USED TO FINANCE A SUBSIDIARY'S EXPANSION COSTING IN EXCESS OF ONE HUNDRED MILLION DOLLARS, WHICH ON THE DATE CONSTRUCTION BEGAN IS LOCATED IN AN ECONOMIC IMPACT ZONE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-20-50 of the 1976 Code is amended by adding a new subsection at the end to read:
"(C) In addition to the provisions of subsection (B) of this section, a holding company may reduce its paid-in capital surplus by the portion of contributions to capital received from its parent corporation that is directly or indirectly used to finance a subsidiary's expansion costing in excess of one hundred million dollars, which on the date construction started is located in an Economic Impact Zone as defined in Section 12-14-30."
SECTION 2. This act takes effect upon approval by the Governor.
This web page was last updated on Thursday, June 25, 2009 at 9:34 A.M.