South Carolina Code of Laws — Title 12 (Taxation)

S.C. Code Ann. § 12-20-110

Chapter provisions inapplicable to certain organizations, companies and associations

The provisions of this chapter do not apply to any:

# (1)

nonprofit corporation organized pursuant to Chapter 31, Title 33 and exempt from income taxes pursuant to Section 501 of the Internal Revenue Code of 1986;

# (2)

volunteer fire department and rescue squad;

# (3)

cooperative organized pursuant to Title 33;

# (4)

bank, building and loan association, or credit union doing a strictly mutual business;

# (5)

insurance company or association including a fraternal, beneficial, or mutual protection insurance company;

# (6)

foreign corporation whose entire income is excluded from gross income for federal income tax purposes due to a treaty obligation of the United States; or

# (7)

homeowners' association within the meaning of Internal Revenue Code Section 528(c)(1).

# (8)

community development entity certified by the United States Department of the Treasury through the Community Development Financial Institution Fund as a company established to distribute allocations received as a part of the New Market Tax Credit Program.

Last amended: 1995 Act No. 76, SECTION 3; 2001 Act No. 89, SECTION 20, eff July 20, 2001; 2006 Act No. 384, SECTION 10, eff June 14, 2006.

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