South Carolina Code 33-37-70. Corporation, its subsidiary, and securities issued thereby exempt from taxes and fees
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Terms Used In South Carolina Code 33-37-70
- 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.
- Corporation: means a South Carolina business development corporation created pursuant to this chapter. See South Carolina Code 33-37-10
The corporation and its subsidiary corporation are not subject to taxes based upon or measured by income which are levied now or later by the State. The securities, evidences of indebtedness, and shares of the capital stock issued by the corporation and its subsidiary corporation, their transfer, income from them, and deposits of financial institutions invested in them are free at all times from taxation within the State. The corporation and its subsidiary corporation are not subject to a corporation license tax or fee imposed by Chapter 20 of Title 12. Notwithstanding the above provisions, should the corporation or any of the corporation’s subsidiaries apply for and receive a charter to operate as a bank, then the corporation or the subsidiary chartered as a bank is subject to all taxes or license fees applicable to banks.