South Carolina Code 12-6-530. Corporate income tax
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 12-6-530
- Business: includes trade, profession, occupation, or employment. See South Carolina Code 12-6-30
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
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 §§ 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.