South Carolina § 33-37-70 - Corporation, its subsidiary, and securities issued thereby exempt from taxes and fees.
Full text of South Carolina South Carolina Code of Laws § 33-37-70 — Corporation, its subsidiary, and securities issued thereby exempt from taxes and fees., with citation guidance and answers to common questions.
§ 33-37-70. Corporation, its subsidiary, and securities issued thereby exempt from taxes and fees.
The corporation and its subsidiary corporation are not subject to taxes based upon or measured by income which are levied now or later by the State. The securities, evidences of indebtedness, and shares of the capital stock issued by the corporation and its subsidiary corporation, their transfer, income from them, and deposits of financial institutions invested in them are free at all times from taxation within the State. The corporation and its subsidiary corporation are not subject to a corporation license tax or fee imposed by Chapter 20, Title 12. Notwithstanding the above provisions, should the corporation or any of the corporation's subsidiaries apply for and receive a charter to operate as a bank, then the corporation or the subsidiary chartered as a bank is subject to all taxes or license fees applicable to banks.
HISTORY: 1962 Code SECTION 12-1107; 1958 (50) 1886; 1996 Act No. 353, SECTION 1; 2000 Act No. 234, SECTION 2; 2015 Act No. 60 (S.389), SECTION 1, eff June 4, 2015.
Effect of Amendment
2015 Act No. 60, SECTION 1, substituted "Chapter 20, Title 12" for "Chapter 20 of Title 12", and added the last sentence, relating to banks.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 33-37-70
What does South Carolina Code of Laws § 33-37-70 cover?
Section 33-37-70 ("Corporation, its subsidiary, and securities issued thereby exempt from taxes and fees.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 33-37-70?
A common citation format is "South Carolina Code of Laws § 33-37-70" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 33-37-70 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.