SC H5006

Exempts the first $10,000 of net depreciated value of business personal property from property taxes for small businesses (defined as independently owned with fewer than 100 employees or under $10 million in gross annual sales)

Eliminates the requirement for taxpayers to file business personal property tax returns if their net depreciated value is under $10,000, upon annual certification to the Department of Revenue

Requires all business personal property tax returns to be filed with the Department of Revenue rather than county assessors

Allows corporations headquartered in South Carolina to exclude the first $50 million of equity contributions from venture capital funds, angel investors, and private investment firms from the license tax calculation on paid-in or capital surplus

Permits LLC members to compete with their company if no enforceable noncompete provision exists in the operating agreement, effective for tax years beginning after July 1, 2026