An income tax is imposed annually at the rate of five percent on the South Carolina taxable income of an organization described in Internal Revenue Code Sections 501 through 528 (Exempt Organizations) and 1381 (Cooperatives) as computed under Internal Revenue Code Sections 501(b) (unrelated business income), 528(d) (taxable income of homeowners' associations), and 1382 and 1383 (taxation of cooperatives). The modifications provided in Article 9 of this chapter and the allocation and apportionment provisions provided in Article 17 of this chapter apply for the taxes imposed by this section.
S.C. Code Ann. § 12-6-540
Income tax rates for exempt organizations and cooperatives
Known as the South Carolina Income Tax Act
The act spans §§ 12–12 (157 sections).
1995 Act No. 76, SECTION 1; 2003 Act No. 69, SECTION 3.E.3, eff June 18, 2003.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.