South Carolina General Assembly
121st Session, 2015-2016

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H. 3085

STATUS INFORMATION

General Bill
Sponsors: Reps. Limehouse, G.R. Smith, G.M. Smith, McCoy and Rivers
Document Path: l:\council\bills\bh\26182dg15.docx
Companion/Similar bill(s): 3163

Introduced in the House on January 13, 2015
Currently residing in the House Committee on Ways and Means

Summary: Corporate income tax

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
  12/11/2014  House   Prefiled
  12/11/2014  House   Referred to Committee on Ways and Means
   1/13/2015  House   Introduced and read first time (House Journal-page 90)
   1/13/2015  House   Referred to Committee on Ways and Means 
                        (House Journal-page 90)
   1/27/2015  House   Member(s) request name added as sponsor: McCoy
   3/10/2016  House   Member(s) request name added as sponsor: Rivers

View the latest legislative information at the website

VERSIONS OF THIS BILL

12/11/2014

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

A BILL

TO AMEND SECTION 12-6-530, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE CORPORATE INCOME TAX, SO AS TO ELIMINATE THE CORPORATE INCOME TAX OVER A FOUR-YEAR PERIOD.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Section 12-6-530 of the 1976 Code is amended to read:

"Section 12-6-530.    (A)    An income tax is imposed annually at the rate of five percent on the South Carolina taxable income of every corporation, other than those described in Sections 12-6-540 and 12-6-550, and any other entity taxed using the rates of a corporation for federal income tax purposes, transacting, conducting, or doing business within this State or having income within this State, regardless of whether these activities are carried on in intrastate, interstate, or foreign commerce. The terms 'transacting', 'conducting', and 'doing business' include transacting or engaging in any activity for the purpose of financial profit or gain.

(B)    Notwithstanding subsection (A), the rate of the income tax imposed pursuant to this section equals:

Taxable Year Beginning in                            Rate of Tax

2015                                                    3.75 percent

2016                                                    2.5 percent

2017                                                    1.25 percent

(C)    This section is repealed for all tax years beginning after 2017."

SECTION    2.    This act takes effect upon approval by the Governor.

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This web page was last updated on March 10, 2016 at 10:44 AM