A tax is imposed upon every bank engaged in business in the State which shall be levied, collected and paid annually with respect to the entire net income of the taxpayer doing a banking business within this State or from the sales or rentals of property within this State, computed at the rate of four and one half per cent of the entire net income of such bank or taxpayer.
HISTORY: 1962 Code Section 65-402; 1952 Code Section 65-402; 1942 Code Section 2676; 1937 (40) 565; 1938 (40) 1762.
Structure South Carolina Code of Laws
Chapter 11 - Income Tax On Banks
Section 12-11-10. "Banks" and "taxpayers" defined.
Section 12-11-20. Tax on income of banks; rate.
Section 12-11-30. Income tax to be instead of other taxes; exceptions.
Section 12-11-50. Payment of tax; deposit into general fund.
Section 12-11-60. Conditions rendering this chapter ineffective.