South Carolina Code 12-6-2252. Allocation and apportionment of business income
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(A) A taxpayer whose principal business in this State is (i) manufacturing or a form of collecting, buying, assembling, or processing goods and materials within this State, or (ii) selling, distributing, or dealing in tangible personal property within this State, shall make returns and pay annually an income tax that includes its income apportioned to this State. Its income apportioned to this State is determined by multiplying the net income remaining after allocation pursuant to §§ 12-6-2220 and 12-6-2230 by the sales factor defined in § 12-6-2280.
(B) If a sales factor does not exist, the remaining net income is apportioned to the business’s principal place of business.
Terms Used In South Carolina Code 12-6-2252
- Business: includes trade, profession, occupation, or employment. See South Carolina Code 12-6-30
- Personal property: All property that is not real property.
- Principal place of business: means the domicile of a corporation. See South Carolina Code 12-6-30
- Taxpayer: includes an individual, trust, estate, partnership, association, company, corporation, or any other entity subject to the tax imposed by this chapter or required to file a return. See South Carolina Code 12-6-30