Bill Text: SC S0557 | 2021-2022 | 124th General Assembly | Introduced

South Carolina Senate Bill 557 (Prior Session Legislation)

Introduced

Bill Title: License fee on corporations

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2021-02-17 - Referred to Committee on Finance [S0557 Detail]

Download: South_Carolina-2021-S0557-Introduced.html

A BILL

TO AMEND SECTION 12-20-50 OF THE 1976 CODE, RELATING TO THE IMPOSITION OF A LICENSE FEE ON CORPORATIONS, 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 new 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 that such portion of capital stock and paid-in or capital surplus is from venture capital. For the purposes of this subsection, 'venture capital' means equity, near-equity, or 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 the growth and expansion of entrepreneurial enterprises."

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