2 business income tax - SC Department of Revenue 2026

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The document is the SC 990-T, a tax return form for exempt organizations in South Carolina reporting unrelated business income. It outlines filing requirements, deadlines, and instructions for calculating taxable income, deductions, credits, and penalties. The form must be filed by the 15th day of the fifth month after the end of the tax year and requires attachment of the federal 990-T return.

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Click ‘Get Form’ to open the SC 990-T in the editor.
Begin by entering your FEIN and the income tax period ending. Ensure that your name, mailing address, and audit contact information are accurately filled out.
In Section 1, input your federal unrelated business taxable income from your federal tax returns. Follow this by adding any net adjustments from Schedule A and B in Section 2.
Calculate your total net income by adding lines 1 and 2. If applicable, enter amounts from Schedule G for multi-state organizations in Section 4.
Proceed to calculate South Carolina net income subject to tax in Section 6 by subtracting any net operating loss carryover from line 5.
Complete the remaining sections, including tax calculations and credits, ensuring all required schedules are attached before submission.

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What is the SC Department of Revenue?

The South Carolina Department of Revenue (formerly the South Carolina Tax Commission) is the states tax agency. Established as the Tax Commission in 1915, SCDOR came into existence in 1993, in connection with a state restructuring act.

What is the business tax in South Carolina?

South Carolina Tax Rates, Collections, and Burdens South Carolina has a graduated state individual income tax, with rates ranging from 0.00 percent to 6.40 percent. South Carolina has a 5.0 percent corporate income tax rate.

How much does a small business have to make to be taxed?

Small Corporate Businesses C corporations in the United States are subject to a flat 21% corporate tax rate. Generally there is no minimum income you have to meet before your small corporation is taxed. Every dollar it earns (after deductions and credits are factored in) will be taxed at 21%.

How much are business taxes in SC?

South Carolina Tax Rates, Collections, and Burdens South Carolina has a 5.0 percent corporate income tax rate. South Carolina also has a 6.00 percent state sales tax rate and an average combined state and local sales tax rate of 7.50 percent.

What is the small business tax in South Carolina?

Summary of general South Carolina tax rates for small businesses. The South Carolina corporate income tax rate is 5%. Individual income tax rates, applicable to income from pass-through entities, are being reduced.

south carolina 990

2 business income tax sc department of revenue login 2 business income tax sc department of revenue address South Carolina business tax rate South Carolina Department of Revenue SCDOR mailing address for payments South Carolina Corporate Income Tax Return instructions 2024 SC Corporate tax rate 2024 South Carolina Corporate tax rate 2023

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What is the Income Tax in SC?

Your Income Taxes Breakdown TaxMarginal Tax RateEffective Tax Rate State 6.40% 3.85% Local 0.00% 0.00% Total Income Taxes 22.70% Income After Taxes 4 more rows Jan 1, 2025

What income is exempt from SC taxes?

Taxable Social Security and Railroad Retirement Benefits are not taxable to South Carolina. You qualify for a deduction of Disability Retirement Income if you are totally and permanently disabled, receive income from a disability retirement plan, and eligible for the homestead exemption.

How is an LLC taxed in South Carolina?

By default, a South Carolina LLC is taxed by the Internal Revenue Service (IRS) based on the number of Members the LLC has. Then the South Carolina Department of Revenue honors this and taxes your LLC the same way at the state level. An LLC with 1 owner (Single-Member LLC) is taxed like a Sole Proprietorship.