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Corporate Tax Home

 

Corporate Income Tax


South Carolina taxes the income of corporations at a 5% rate. State taxable income is federal taxable income with South Carolina modifications. Multi-state corporations determine South Carolina taxable income by allocating non-business income and gains from selling real estate prior to applying an apportionment ratio. Corporations whose principal activity in this State is manufacturing, selling or otherwise dealing in tangible personal property use an apportionment ratio equal to sales in South Carolina divided by sales everywhere. Most others use a ratio equal to gross receipts in South Carolina divided by gross receipts from everywhere. Railroad companies, motor carriers, telephone service companies, pipeline companies, airline companies, and shipping lines doing a multi-state business have special apportionment formulas.

 

Returns are due at the same time as federal returns.  Estimated tax payment amounts and due dates are determined using federal rules.

Corporate License Fee


Most corporations and entities taxed as corporations pay an annual license fee of $15 plus 0.1%, rounded up to the nearest whole dollar, of the capital stock and paid-in or capital surplus of the corporation. Waterworks companies, power companies, electric cooperatives, gas companies, telephone companies, and express companies pay a license fee equal to (a) 0.1%, rounded up to the nearest whole dollar, of fair market value of property owned and used in South Carolina in the conduct of business in the preceding tax year; and (b) 0.3%, rounded up to the nearest whole dollar, of gross receipts derived from services rendered from regulated business within South Carolina during the preceding taxable year. License fees follow apportionment formulas. The minimum license fee for any tax year is $25.

License fees are paid a year in advance. The initial license fee is $25. Subsequent license fees are payable by the original due date for filing the tax return or request for an extension.

 

Description of Topics Available for

Corporate Tax

Appeals procedures describes the steps necessary to appeal state tax assessments, license revocations, and refund claims.

 

E-Services provides information about the electronic methods available for corporate taxpayers.
 

Filing Requirements explains the requirements for reporting and paying corporate tax.

 

Forms provides access to current year corporate tax forms and miscellaneous information such as where to mail returns and forms from other States.

 

Help provides information on office locations, telephone numbers, and how to submit a question via e-mail.

 

Other Topics provides access to information available for corporate tax that is not accessible from one of the other links provided in the drop-down menu to the left.

 

Tax Calendar provides information on the filing/paying due dates for Corporate Tax.

 

FAQs provides answers to frequently asked questions about SC Corporate Tax.



 
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