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Section 12-6-1150 - Net capital gain; deduction from taxable income for individuals, estates, and trusts. (A) Individuals, estates, and trusts are allowed a deduction from South Carolina taxable income equal to forty-four percent of net capital gain recognized in this State during a taxable year.
South Carolina Code §12-6-2210 provides for the determination of whether taxable income of a business will be apportioned. A taxpayer whose entire business is transacted or conducted in South Carolina is subject to income tax based on the entire taxable income of the business for the taxable year.
CHAPTER 6 - SOUTH CAROLINA INCOME TAX ACT. SECTION 12-6-2290. Apportionment of remaining net income from principal profits or income derived from sources not otherwise described by this chapter.
Chapter 36 - South Carolina Sales And Use Tax Act. Section 12-36-2110. Maximum tax on sale or lease of certain items; calculation of tax on manufactured homes; maximum tax on purchase of certain property by religious organizations; maximum tax on sale or use of machinery for research and development.
Chapter 35 - South Carolina Consolidated Procurement Code. Section 11-35-5300. Prohibition of contracting with discriminatory business.
INDIVIDUAL INCOME TAX RATES South Carolina Code §12-6-510 imposes an income tax upon the South Carolina taxable income of individuals, estates, and trusts at rates ranging from 3% to a maximum rate of 7%. There are six income brackets adjusted annually for inflation.
An income tax is imposed annually at the rate of five percent on the South Carolina taxable income of every corporation, other than those described in Sections 12-6-540 and 12-6-550, and any other entity taxed using the rates of a corporation for federal income tax purposes, transacting, conducting, or doing business ...