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H. 3799
STATUS INFORMATION
General Bill
Sponsors: Rep. Elliott
Document Path: l:\council\bills\bh\7412sa21.docx
Companion/Similar bill(s): 557, 4805
Introduced in the House on February 2, 2021
Currently residing in the House Committee on Labor, Commerce and Industry
Summary: License fee on corporations
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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2/2/2021 House Introduced and read first time (House Journal-page 51)
2/2/2021 House Referred to Committee on Labor, Commerce and Industry
(House Journal-page 51)
View the latest legislative information at the website
VERSIONS OF THIS BILL
TO AMEND SECTION 12-20-50, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE IMPOSITION OF A LICENSE FEE ON CORPORATIONS, SO AS 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 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 such portion of capital stock and paid-in or capital surplus is from venture capital. For purposes of this subsection, 'venture capital' means equity, near-equity, and 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 growth and expansion of entrepreneurial enterprises."
SECTION 2. This act takes effect on July 1, 2021.
This web page was last updated on
January 13, 2022 at 12:51 PM