South Carolina § 12-13-30 Imposition of tax on net income; rate.

South Carolina Statutes

§ 12-13-30 — Imposition of tax on net income; rate.

South Carolina·Title 12 TAXATION·Ch. 13 INCOME TAX ON BUILDING AND LOAN ASSOCIATIONS

Every association located or doing business within this State shall pay an income tax measured by its net income from all sources, except for income from municipal, state, or federal bonds or securities exempted by law from the tax, including interest earned on deposits at the Federal Home Loan Bank of Atlanta, or its successors, for those savings and loan associations which meet the qualified thrift lender test set forth in the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (P.L. 101-73), as amended. The tax is six percent of the net income.

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Every association located or doing business within this State shall pay an income tax measured by its net income from all sources, except for income from municipal, state, or federal bonds or securities exempted by law from the tax, including interest earned on deposits at the Federal Home Loan Bank of Atlanta, or its successors, for those savings and loan associations which meet the qualified thrift lender test set forth in the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (P.L. 101-73), as amended. The tax is six percent of the net income.

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Legislative History

HISTORY: 1962 Code SECTION 65-423; 1957 (50) 404; 1960 (51) 1779; 1987 Act No. 170, Part II, SECTION 25M; 1991 Act No. 125, SECTION 2; 1991 Act No. 168, SECTION 15.