South Carolina H 3773: A HOUSE RESOLUTION TO DECLARE FEBRUARY 26 THROUGH MARCH 4, 2017, AS "EATING DISORDERS AWARENESS WEEK" IN THE STATE OF SOUTH CAROLINA TO COINCIDE WITH NATIONAL EATING DISORDERS AWARENESS WEEK AND TO DECLARE THURSDAY, MARCH 2, 2017, AS "EATING DISORDERS AWARENESS DAY" IN SOUTH CAROLINA.

Bill Text

2025-2026 Bill 3773 Text of Previous Version (Jan. 16, 2025) - South Carolina Legislature Online 

South Carolina General Assembly
126th Session, 2025-2026

Bill 3773

Indicates Matter Stricken
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A bill

TO AMEND THE SOUTH CAROLINA CODE OF LAWS 
BY AMENDING SECTION 12-20-50, RELATING TO THE IMPOSITION OF LICENSE TAXES ON 
CORPORATIONS, SO AS TO PROVIDE THAT THE FEE DOES NOT APPLY TO ANY PORTION OF 
THE FIRST FIFTY MILLION DOLLARS OF CERTAIN CAPITAL STOCK AND PAID-IN OR CAPITAL 
SURPLUS; AND BY AMENDING SECTION 33-44-409, RELATING TO STANDARDS OF CONDUCT, 
SO AS TO PROVIDE AN EXCEPTION TO REFRAINING FROM COMPETING.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Section 12-20-50 of the S.C. 
Code is amended by adding:

 (D)(1) A corporation 
subject to the provisions of this section whose corporate headquarters, as 
defined in Section 12-6-3410, and principal place of business, as defined in 
Section 12-6-30, are in South Carolina may exclude the first fifty million 
dollars of equity contributions from a qualifying entity from its paid-in or 
capital surplus subject to the annual license fee. To qualify for this 
exclusion, the corporation must obtain a certificate from the South Carolina 
Research Authority certifying that the exclusions result from equity 
contributions from a qualifying entity.

 (2) For purposes of this subsection, a 
qualifying entity includes:

 (a) a venture capital fund as defined 
pursuant to 17 C.F.R. Section 275.203(1) 1;

 (b) an angel or accredited investor, as 
defined pursuant to 17 C.F.R. Section 230.501; and

 (c) a private investment firm that does 
not solicit capital from investors, excluding another qualifying entity or the 
general public, and meets one of the exemptions outlined in the Investment 
Company Act of 1940.

 (3) A corporation claiming this 
exclusion must:

 (a) submit an annual report to the 
department that contains the name of each qualifying entity, the date of the 
equity contribution, the manner in which the qualifying entity meets the 
requirements of item (2), the amount of the paid-in or capital surplus for each 
year that is attributable to each qualifying entity, and any other information 
that the department may require; and

 (b) keep detailed books and records, 
including segregating out equity contributions attributable to each qualifying 
entity and retaining information concerning the information required to be 
provided in subitem (a).

SECTION 2. Section 33-44-409(b)(3) of the 
S.C. Code is amended to read:

 (3) to refrain from competing with the company in the conduct of the 
company's business before the dissolution of the company. This 
item does not apply when a member is also a member of another LLC and there is 
not an enforceable noncompete provision in the operating agreement.

SECTION 
3. This act takes effect upon approval by the Governor and first applies to 
the tax year beginning after July 1, 2025.

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This web page was last updated on January 16, 2025 at 11:28 AM