An insurance company exempt from federal income tax pursuant to Section 501(c)(3) or (4) of the Internal Revenue Code of 1986, and which insures only churches and their property, is exempt from taxes levied on insurance companies in Sections 38-7-20, 38-7-30, 38-7-40, and 38-7-50. To provide proof of exemption from federal income tax under Section 501(c)(3) or (4) of the Internal Revenue Code of 1986, the company shall provide to the director or his designee a certificate issued by the Internal Revenue Service demonstrating the company's tax-exempt status. The company shall further provide evidence satisfactory to the director or his designee that it only insures churches and their property.
HISTORY: Former 1976 Code Section 38-43-800 [1986 Act No. 540, Part II, Section 31G] recodified as Section 38-7-180 by 1987 Act No. 155, Section 1; 1988 Act No. 399, Section 2; 1993 Act No. 181, Section 534; 1996 Act No. 328, Section 1.
Structure South Carolina Code of Laws
Section 38-7-10. License fees for insurers.
Section 38-7-20. Insurance premium taxes; allocation.
Section 38-7-40. Additional premium tax on fire insurers.
Section 38-7-50. Tax on workers' compensation insurers.
Section 38-7-60. Returns of premiums required; quarterly payment of taxes.
Section 38-7-70. Annual reports of premiums of fire insurers; allocation.
Section 38-7-90. Retaliatory taxes, penalties, interest, and fees.
Section 38-7-120. Late payment of insurance fees and taxes; penalties; return of excess payment.
Section 38-7-130. Payment of fees, taxes, penalties, or interest under protest; action for recovery.
Section 38-7-140. Penalty for failure to pay money due or to supply information required.
Section 38-7-150. Waiver or reduction of penalties or interest.
Section 38-7-160. Municipal license fees and taxes.
Section 38-7-170. Disposition of fees, taxes, penalties, and interest.