2013 South Carolina Code of Laws
Title 12 - Taxation
CHAPTER 20 - CORPORATION LICENSE FEES
SECTION 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.
HISTORY: 1995 Act No. 76, Section 3.
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