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 Sections 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.
S.C. Code Ann. § 12-6-530
Corporate income tax
Known as the South Carolina Income Tax Act
The act spans §§ 12–12 (157 sections).
Applied in 6 court decisions — leading case Media General Communications, Inc. v. South Carolina Department of Revenue (2010)
Most recently applied in Directv, Inc. v. S.C. Dep't of Revenue (August 2017)
1995 Act No. 76, SECTION 1.
How often courts cite this section
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.