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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 February 2, 2021 at 1:47 PM