Bill Text: SC H3799 | 2021-2022 | 124th General Assembly | Introduced

South Carolina House Bill 3799 (Prior Session Legislation)

Introduced

Bill Title: License fee on corporations

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2021-02-02 - Referred to Committee on Labor, Commerce and Industry [H3799 Detail]

Download: South_Carolina-2021-H3799-Introduced.html

A BILL

TO AMEND SECTION 12-20-50, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE IMPOSITION OF A LICENSE FEE ON CORPORATIONS, SO AS TO PROVIDE THAT THE LICENSE FEE DOES NOT APPLY TO ANY PORTION OF THE FIRST FIFTY MILLION DOLLARS OF CERTAIN CAPITAL STOCK AND PAID-IN OR CAPITAL SURPLUS.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Section 12-20-50 of the 1976 Code is amended by adding an appropriately lettered subsection to read:

"( ) The fee imposed pursuant to this section does not apply to any portion of the first fifty million dollars of capital stock and paid-in or capital surplus provided such portion of capital stock and paid-in or capital surplus is from venture capital. For purposes of this subsection, 'venture capital' means equity, near-equity, and seed capital financing including, but not limited to, early stage research and development capital for startup enterprises and other equity, near-equity, or seed capital for growth and expansion of entrepreneurial enterprises."

SECTION 2. This act takes effect on July 1, 2021.