South Carolina General Assembly
124th Session, 2021-2022

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Indicates Matter Stricken
Indicates New Matter

S. 557

STATUS INFORMATION

General Bill
Sponsors: Senator Alexander
Document Path: l:\s-res\tca\026lice.kmm.tca.docx
Companion/Similar bill(s): 3799

Introduced in the Senate on February 17, 2021
Currently residing in the Senate Committee on Finance

Summary: License fee on corporations

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
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   2/17/2021  Senate  Introduced and read first time (Senate Journal-page 6)
   2/17/2021  Senate  Referred to Committee on Finance (Senate Journal-page 6)

View the latest legislative information at the website

VERSIONS OF THIS BILL

2/17/2021

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND SECTION 12-20-50 OF THE 1976 CODE, RELATING TO THE IMPOSITION OF A LICENSE FEE ON CORPORATIONS, TO PROVIDE THAT THE LICENSE FEE DOES NOT APPLY TO ANY PORTION OF THE FIRST FIFTY MILLION DOLLARS OF CERTAIN CAPITAL STOCK AND PAID-IN OR CAPITAL SURPLUS.

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 an appropriately lettered new subsection to read:

    "(    )    The fee imposed pursuant to this section does not apply to any portion of the first fifty million dollars of capital stock and paid-in or capital surplus, provided that such portion of capital stock and paid-in or capital surplus is from venture capital. For the purposes of this subsection, 'venture capital' means equity, near-equity, or seed capital financing, including, but not limited to, early stage research and development capital for startup enterprises and other equity, near-equity, or seed capital for the growth and expansion of entrepreneurial enterprises."

SECTION    2.    This act takes effect on July 1, 2021.

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This web page was last updated on February 19, 2021 at 5:14 PM