S.C. Code Ann. § 12-6-550

Corporations exempt from taxes imposed by Sections 12-6-530 and 12-6-540

Known as the South Carolina Income Tax Act

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

1995 Act No. 76, SECTION 1; 2000 Act No. 404, SECTION 6(C), eff October 3, 2000.

The following corporations are exempt from the tax imposed by Section 12-6-530 and Section 12-6-540:

(1) banks as defined in Section 12-11-10;

(2) building and loan associations as defined in Section 12-13-10;

(3) insurance companies;

(4) nonprofit corporations organized pursuant to Chapter 36 of Title 33 for the purpose of providing water supply and sewage disposal or a combination of those services;

(5) organizations exempt from income taxes pursuant to Section 33-49-120.

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