South Carolina Code of Laws — Title 12 (Taxation)
S.C. Code Ann. § 12-20-80
Prorated license fee
# (A)
If a corporation's taxable year is changed and results in the filing of an income tax return for less than twelve months, the license fee due with the short period return must be prorated by dividing the annual license fee by twelve and multiplying the result by the number of months in the short period. Each part of a month is considered a full month for purposes of this section. This prorated fee may not be less than the minimum license fee provided in Section 12-20-50(A).
# (B)
The proration provided in this section applies only to short periods due to a change in accounting period and does not apply to short periods due to initial or final returns.
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In this chapter (19 sections)
- 12-20-10 · Definitions
- 12-20-20 · Corporations to file annual reports; time of filing;…
- 12-20-30 · Form and contents of annual report; public inspection
- 12-20-40 · Initial annual report and minimum license fee to be filed…
- 12-20-50 · Imposition of license tax on corporations generally; rate;…
- 12-20-60 · Proration of tax where business is conducted partly outside…
- 12-20-70 · License tax where combined return is filed; applicability of…
- 12-20-80 · Prorated license fee
- 12-20-90 · License fee for bank holding, insurance holding, or savings…
- 12-20-100 · License tax on utilities and electric cooperatives; tax…
- 12-20-105 · Tax credits
- 12-20-110 · Chapter provisions inapplicable to certain organizations,…
- 12-20-120 · Annual report to be signed by person authorized to make…
- 12-20-130 · Forms for reports; effect of failure to receive or secure…
- 12-20-140 · Department's receipt constitutes certificate of compliance…
- 12-20-150 · Department to administer provisions of chapter; rules and…
- 12-20-160 · Corporate license fee deemed to be tax
- 12-20-170 · Amounts collected under chapter to be deposited to credit…
- 12-20-175 · Reduction of license fees due to tax credits