South Carolina § 12-54-55 Interest on underpayment of declaration of estimated tax.

South Carolina Statutes

§ 12-54-55 — Interest on underpayment of declaration of estimated tax.

South Carolina § 12-54-55

Title 12TAXATION

Ch. 54UNIFORM METHOD OF COLLECTION AND ENFORCEMENT OF TAXES LEVIED AND ASSESSED BY SOUTH CAROLINA DEPARTMENT OF REVENUE

This text of South Carolina § 12-54-55 (Interest on underpayment of declaration of estimated tax.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 12-54-55 (2026).

Text

In the case of an underpayment of declaration of estimated tax by an individual, estate, trust, or corporate taxpayer, instead of all other penalties provided by law, there must be added to the tax for the taxable year a penalty to be determined as follows:

(1)in the case of an individual taxpayer, estate, or trust in the same manner as prescribed by the provisions of Internal Revenue Code Section 6654 and applicable regulations except that the small amount provisions are one hundred dollars. No interest or penalty is due under this item for underpayments attributable to personal service income earned in another state on which income tax due the other state was withheld;

(2)in the case of a corporate taxpayer, in the same manner as prescribed by the provisions of Internal Revenue Code Se

Free access — add to your briefcase to read the full text and ask questions with AI

In the case of an underpayment of declaration of estimated tax by an individual, estate, trust, or corporate taxpayer, instead of all other penalties provided by law, there must be added to the tax for the taxable year a penalty to be determined as follows: (1) in the case of an individual taxpayer, estate, or trust in the same manner as prescribed by the provisions of Internal Revenue Code Section 6654 and applicable regulations except that the small amount provisions are one hundred dollars. No interest or penalty is due under this item for underpayments attributable to personal service income earned in another state on which income tax due the other state was withheld; (2) in the case of a corporate taxpayer, in the same manner as prescribed by the provisions of Internal Revenue Code Section 6655 and applicable regulations, except that the small amount provisions are one hundred dollars.

Legislative History

HISTORY: 1987 Act No. 170, Part II, SECTION 25 O(2); 1990 Act No. 612, Part II SECTION 38; 1995 Act No. 76, SECTION 13; 1998 Act No. 432, SECTION 14; 2002 Act No. 334, SECTION 8D, eff June 24, 2002; 2002 Act No. 363, SECTION 1E, eff August 2, 2002; 2005 Act No. 161, SECTION 10, eff June 9, 2005. Editor's Note 2002 Act No. 334, SECTION 8.E and 2002 Act No. 363, SECTION 1.F provide as follows: "This section takes effect upon approval by the Governor and applies for estimated taxes due after 2002."