South Carolina Small Business Tax Cut of 2026 provides tax exemptions for small businesses.

The South Carolina Small Business Tax Cut of 2026 amends the state code to provide tax exemptions for small businesses. It exempts the first $10,000 of net depreciated value of business personal property owned by small businesses from property taxes. Additionally, it exempts the first $50 million of certain capital stock and paid-in or capital surplus from the annual license tax on corporations. The bill also exempts personal property from ad valorem tax if it remains in a non-operational manufacturing facility for one fiscal year.

South Carolina Small Business Tax Cut of 2026 provides tax exemptions for small businesses.

The South Carolina Small Business Tax Cut of 2026 amends the state code to provide tax exemptions for small businesses. It exempts the first $10,000 of net depreciated value of business personal property owned by small businesses from property taxes. Additionally, it exempts the first $50 million of certain capital stock and paid-in or capital surplus from the annual license tax on corporations. The bill also exempts personal property from ad valorem tax if it remains in a non-operational manufacturing facility for one fiscal year.