South Carolina DOR Releases Revised FAQs on Corporate Taxes, Administrative Dissolution, Corporate Tax Rates

The South Carolina Department of Revenue (DOR) released revised Frequently Asked Questions (FAQs) on corporate taxes, providing new information on administrative dissolutions and corporate tax rates. The DOR notes that businesses will need to submit a Certificate of Tax Compliance Request, Form C-268, along with a $60 non-refundable fee if such businesses are administratively dissolved. The DOR also notes that the starting point in determining South Carolina taxable income is with a corporation’s federal taxable income, which will have a different corresponding tax rate depending on the organization type. For banks, the tax rate is 4.5 percent; for C-corporations, S-corporations, ...