Form 1120-C for South Carolina 2024-2025

Form 1120-C for South Carolina: What You Should Know

South Carolina Co-op Franchise Tax Act Co-op Franchise Tax Act An individual, individual and a domestic corporation may each elect to use a credit or exemption amount (the credit). An individual may elect to use two credits, for single and joint filers, unless otherwise specified. An individual may use more than one credit if the individual has more than one business relationship with the taxpayer. Each of the credits provided by state law for South Carolina co-op businesses is separate. South Carolina Cooperative Franchise Tax Act Section 1.01 Cooperative Franchise Tax Act (SC1120) Individual Co-op Franchise Tax Act South Carolina Cooperative Franchise Tax Act — Sections 1.01-1.03 This Tax Act applies to any business that is described in Section 1 of this Act. This Act does not govern the determination of income tax under any other statute in the State of South Carolina or under federal law. Individuals eligible to use the cooperative franchises included in Section 1.01 of the South Carolina Cooperative Franchise Tax Act shall pay income tax on all income earned by the cooperative businesses, regardless of whether the business conducts taxable activities and regardless of whether the business was organized for profit. The tax imposed under this Act is the same as that imposed by the State on its own taxpayers as provided for by the laws of this State except the following: 1. Nothing in this Act shall be construed to reduce the rate of any income tax on or before the first day of the fifth calendar quarter following the calendar quarter in which the income tax is due. 2. The provisions of this Act which require a taxpayer or cooperative to pay the same income tax whether the business is engaged in taxable activities or is not engaged in taxable activities only apply to taxable activities conducted under section 501 of the Internal Revenue Code. 3.

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