TO AMEND SECTION 6-1-400, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE BUSINESS LICENSE TAX, SO AS TO PROHIBIT A TAXING JURISDICTION FROM SUBJECTING CERTAIN PROPERTY TO DOUBLE TAXATION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 6-1-400 of the 1976 Code, as added by Act 176 of 2020, is amended by adding an appropriately lettered subsection to read:
"( ) A taxing jurisdiction may not levy the business license tax in a manner that would cause an individual to be subject to double taxation. If an individual has an ownership interest in an entity whose sole business endeavor is to rent a single property to an entity in which the same individual also has an ownership interest, then the taxing jurisdiction must treat the operation as a single business for purposes of the business license tax."
SECTION 2. This act takes effect upon approval by the Governor.
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May 17, 2021 at 10:22 AM