Taxes
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill, the "State of South Carolina Small Business Tax Cut of 2026," aims to reduce taxes for small businesses in South Carolina. It proposes several changes, including exempting the first $10,000 of net depreciated value of business personal property, simplifying property tax returns for businesses with low property values, and offering a tax break on capital stock and paid-in capital surplus for eligible corporations. Additionally, the bill modifies standards of conduct for corporate officers and clarifies property tax reporting requirements. The bill also includes provisions to support affordable housing for low-income residents.
Key provisions
- Exempts the first $10,000 of net depreciated value of business personal property for small businesses.
- Simplifies property tax returns for businesses with less than $10,000 of net depreciated value.
- Requires businesses to return business personal property to the Department of Revenue if required.
- Provides a tax break on the first $50 million of capital stock and paid-in or capital surplus for eligible corporations.
- Modifies standards of conduct for corporate officers, allowing an exception to refraining from competing.
- Expands the property tax exemption for nonprofit housing corporations.
- Requires local governments to notify the Department of Revenue of property tax exemptions.
- Provides a transition period for existing exemptions.
Who is affected
- Small businesses
Bill text
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Sponsors
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64 on record
Primary sponsor
B. Newton
Cosponsors
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