H5006 is a bill in the South Carolina Legislature (126th General Assembly): Taxes.

What is the status of H5006?

In committee as of May 14, 2026. Latest action: Recommitted to Committee on Ways and Means (May 14, 2026).

Brandon Newton (R, 45), with 11 co-sponsors.

Where is the official record for H5006?

On the South Carolina Legislature website: https://www.scstatehouse.gov/sess126_2025-2026/bills/5006.htm

South Carolina legislation · 126th General Assembly

South Carolina H5006: Taxes

Q: What does H5006 do?

In its own words: To amend the south carolina code of laws so as to enact the "state of south carolina small business tax cut of 2026"; by amending section 12-37-220, relating to property tax exemptions, so as to exempt the first ten thousand dollars of net depreciated value of business personal property owned by a small business; by amending section 12-37-900, relating to property tax returns, so as to provide that a taxpayer is not required to return business personal property for taxation if the taxpayer has less than ten thousand dollars of net depreciated value of business personal property; by addi.

Status: In committee, May 14, 2026

What the bill says

To amend the south carolina code of laws so as to enact the "state of south carolina small business tax cut of 2026"; by amending section 12-37-220, relating to property tax exemptions, so as to exempt the first ten thousand dollars of net depreciated value of business personal property owned by a small business; by amending section 12-37-900, relating to property tax returns, so as to provide that a taxpayer is not required to return business personal property for taxation if the taxpayer has less than ten thousand dollars of net depreciated value of business personal property; by addi.

From the engrossed text, May 7, 2026:

A bill TO AMEND THE SOUTH CAROLINA CODE OF LAWS SO AS TO ENACT THE "STATE OF SOUTH CAROLINA SMALL BUSINESS TAX CUT OF 2026"; BY AMENDING SECTION 12-37-220, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO EXEMPT THE FIRST TEN THOUSAND DOLLARS OF NET DEPRECIATED VALUE OF BUSINESS PERSONAL PROPERTY OWNED BY A SMALL BUSINESS; BY AMENDING SECTION 12-37-900, RELATING TO PROPERTY TAX RETURNS, SO AS TO PROVIDE THAT A TAXPAYER IS NOT REQUIRED TO RETURN BUSINESS PERSONAL PROPERTY FOR TAXATION IF THE TAXPAYER HAS LESS THAN TEN THOUSAND DOLLARS OF NET DEPRECIATED VALUE OF BUSINESS PERSONAL PROPERTY; BY ADDING SECTION 12-37-980 SO AS TO REQUIRE THAT ALL BUSINESS PERSONAL PROPERTY REQUIRED TO BE RETURNED FOR TAXATION TO BE RETURNED TO THE DEPARTMENT OF REVENUE; BY AMENDING SECTION 12-20-50, RELATING TO THE LICENSE TAX ON CORPORATIONS, SO AS TO PROVIDE THAT, UNDER CERTAIN CIRCUMSTANCES, 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 OF A CORPORATE OFFICER, SO AS TO PROVIDE AN EXCEPTION TO REFRAINING FROM COMPETING. Amend Title To Conform B e it enacted by the General Assembly of the State of South Carolina: S ECTION 1. This act may be cited as the …

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South Carolina H5006: Taxes

What the bill says

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