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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.
This web page was last updated on February 17, 2021 at 1:25 PM