Form Sc 1101 B - South Carolina Bank Tax Return (Page 4 of 5) in pdf

Instructions for SC1101 B

GENERAL INFORMATION - Banks cannot elect S Corporation status for SC bank tax purposes. For federal S

corporations, prepare and attach a pro forma federal Form 1120 and enter the taxable income on line 1. Provide both

FEIN and SC File Number.

Banks cannot be included in consolidated returns.

For the purpose of allocation and apportionment, all of the provisions of Chapter 6, Title 12 that may be appropriate or

applicable have been adopted for banks.

Audit Location includes a block for Audit Contact Information.

When to File: The return must be filed by the fifteenth day of the third month after the tax year end.

Request for Extension to File:

If any bank tax is due, the taxpayer must make payment with SC1120-T by original due date.

If no bank tax is due and the taxpayer has requested a federal extension, then the federal extension will be accepted

as a SC extension if the bank return is received within the time as extended by the Internal Revenue Service.

A savings bank is a savings and loan, not a bank.

A copy of the federal or SC extension(s) must be attached to the return when filed.

There is no extension for payment of bank tax. Any bank tax due must be paid by the prescribed due date to avoid

the assessment of late penalties and interest.

Who must File: Any person engaged in a banking business in SC, except cash depositories.

Where to File: South Carolina Department of Revenue, Corporation Return, Columbia, SC 29214-0100.

Declaration of Estimated Tax: A bank must file a Declaration of Estimated Tax with the SC Department of Revenue

on or before the fifteenth day of the fourth month of the taxable year, if the amount of estimated tax is one hundred

dollars or more. The Declaration of Estimated Tax must be calculated on SC1120-CDP. One hundred percent of the tax

liability shown to be due on the SC1120-CDP must be paid when filing the declaration or in four equal installments on the

fifteenth day of the fourth, sixth, ninth and twelfth month of the taxable year. A bank may avoid the penalty for

Underpayment of Declaration by making each payment on time and if the total tax paid is at least the same as the total tax

due, pursuant to the requirements for federal estimated income tax in Internal Revenue Code Section 6655. See SC2220

for computation of the penalty.

Tax Imposed: A tax is imposed upon every bank engaged in business in the state which shall be levied, collected, and

paid annually with respect to the entire net income of the taxpayer doing a banking business within the state or from the

sales or rentals of property within this state, computed at the rate of four and one-half percent of the entire net income of

such bank or taxpayer.

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SC1101B I

(Rev. 4/30/13) 3553

Form Sc 1101 B - South Carolina Bank Tax Return Page 4