S.C. Code Ann. § 12-6-2252

Allocation and apportionment of business income

Known as the South Carolina Income Tax Act

The act spans §§ 12–12 (157 sections).

Applied in 2 court decisions — leading case Duke Energy Corp. v. South Carolina Department of Revenue (2016)

Most recently applied in Duke Energy Corp. v. South Carolina Department of Revenue (February 2016)

2007 Act No. 110, SECTION 50.A, eff June 21, 2007, applicable for taxable years beginning after 2006; 2007 Act No. 116, SECTION 55.A, eff June 28, 2007, applicable for taxable y…

(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 Sections 12-6-2220 and 12-6-2230 by the sales factor defined in Section 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.

Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.