What is the law on corporate taxation?

In South Carolina, corporate taxation is determined by the South Carolina Department of Revenue. Corporations are subject to a corporate income tax that is imposed based on taxable income. The tax rate ranges from 5% up to the maximum rate of 12%. Corporations are also subject to property taxes in South Carolina. According to the South Carolina Department of Revenue, a corporation is liable for property tax on any real or personal property used for business, with the exception of some personal property used in manufacturing businesses. Corporations in South Carolina are also subject to a business license tax. The amount of the tax depends on the type of business and the gross receipts from the business. The tax rate can range from 0.5% to 5%, depending on several factors, including the type of business and the gross receipts from the business. Finally, corporations in South Carolina may be subject to other taxes, such as a gross profits tax and an excise tax. The gross profits tax is imposed on any business with gross receipts over $150,000. The excise tax is applied to certain types of businesses with gross receipts over $75,000. These taxes are imposed at a rate of 1.5%. In summary, corporations in South Carolina are subject to income, property, business license, gross profits, and excise taxes, at varying rates based on the type of business and gross receipts.

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What is the law on corporate taxation?

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