South Carolina Bank Tax Return

Bank Tax Return
Form SC1101B
1350

SC 1101 B

STATE OF SOUTH CAROLINA

BANK TAX RETURN

dor.sc.gov
-

Period ending

(Rev. 5/4/22)
3089

Due by the 15th day of the fourth month following the close of the taxable year.
County or counties in SC where property is located

-

FEIN

Audit location: Street address

Name
City

Mailing address
City

State

Change of

Address

ZIP
Accounting Period

Check if you filed a federal or state extension
Attach complete copy of federal return

State

Audit contact

Check if:

ZIP

Phone number

Initial Return

Amended Return

Check if:
Merged

Reorganized

Final

Date organized
Under the laws of the state of
Books are in care of
Located at
If not incorporated in SC, date qualified to do business in SC

COMPUTATION OF BANK TAX LIABILITY
1. Federal taxable income from federal tax return ..................................................................
(S Corporations - see General Information in Instructions)
2. Net adjustment from Schedule A and B, line 19 .................................................................
3. Total net income as reconciled (add line 1 and line 2)..........................................................
4. If multi-state bank, enter amount from Schedule D, line 6; otherwise enter amount from line 3 .....
5. Tax (multiply line 4 by 4.5%) ..........................................................................................
6. Nonrefundable credits taken this year from SC1120TC........................................................
7. Balance of tax (subtract line 6 from line 5).............................................. ...........................
8. Payments: (a) Tax withheld (attach 1099s or I-290s) ..........................................................
(b) Paid by declaration ..................................................................................
(c) Paid with extension..................................................................................
Total (add line 8a through line 8c) ...................................................................
9. Balance of tax due (subtract line 8 from line 7)...................................................................
10. (a) Interest ..... ............................................................................................................
(b) Late file/pay penalty ................................................................................................
(c) Declaration penalty (attach SC2220) ...........................................................................
Total (add line 10a through line 10c) See penalty and interest instructions...............................
11. Total tax, interest, and penalty (add line 9 and line 10) .................................. BALANCE DUE
12. Overpayment (subtract line 7 from line 8)............................................. .............................
To be applied as follows: ................................................................. (a) ESTIMATED TAX
(b) REFUND

1.

00

2.
3.
4.
5.
6.
7.
8a.
8b.
8c.
8.
9.
10a.
10b.
10c.
10.
11.
12.
12a.
12b.

00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00

Have a balance due? Pay online! It's quick and easy! Use our free online tax portal, MyDORWAY, at dor.sc.gov/pay.
Select Business Income Tax Payment to get started.
If you pay by check, make your check payable to SCDOR, and include your name, FEIN, tax year, and SC1101B in the
memo.
Mail Balance Due returns to:
Mail Refund or Zero Tax returns to:
SCDOR
SCDOR
Corporate Taxable
Corporate Refund
PO Box 100151
PO Box 125
Columbia, SC 29202
Columbia, SC 29214-0032

30891055

Page 2

SC1101 B

SCHEDULE A AND B

ADDITIONS TO FEDERAL TAXABLE INCOME

Income recorded on books but not included in federal taxable income
1. Interest on state and local obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.
2.
2.
3.
3.
4. Other items (attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.
Deductions on the federal return but not charged against book income
5. Federal net operating loss deduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.
6.
6.
7.
7.
8.
8.
9. Total additions (add line 1 through line 8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9.

DEDUCTIONS FROM FEDERAL TAXABLE INCOME
Income subject to federal Income Tax but not recorded on the books
10.
10.
11.
11.
12.
12.
13.
13.
Expenses recorded on the books but not deducted on the federal return
14. Federal Income Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.
15.
15.
16.
16.
17.
17.
18. Total deductions (add line 10 through line 17) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.
19. Net adjustment (subtract line 18 from line 9) Also enter on SC1101B, page 1, line 2 . . . . . . . . . . . . . . . . . . . . . 19.
Under penalty of law, I certify that I have examined this return, including accompanying statements and schedules, and it is true and
complete to the best of my knowledge.

Sign
Here

Signature of officer

Officer's title

Print officer's name

Date

I authorize the Director of the SCDOR or delegate to discuss this return,
Yes
attachments, and related tax matters with the preparer.
Paid
Preparer's

Preparer's
signature

Date

Email
Phone number
Print preparer's name
No

Check if
self-employed

Preparer's phone number

Firm's name (or

PTIN or FEIN

and address

ZIP

Use Only yours if self-employed)

30892053

Page 3

SC1101 B

Only multi-state banks must complete Schedules C, D, and E
SCHEDULE C

INCOME SUBJECT TO DIRECT ALLOCATION
Gross
Amounts
1

1.
2.
3.
4.
5.
6.
7.
8.

Net Amounts
Allocated
Directly to
SC
4

Interest not connected with business
Dividends received
Rents
Gains/losses on real property
Gains/losses on intangible personal property
Investment income directly allocated
Total income directly allocated
Income directly allocated to SC

SCHEDULE D
1.
2.
3.
4.
5.
6.

Net Amounts
Allocated Directly
to SC and
Other States
3

Less:
Related
Expenses
2

COMPUTATION OF TAXABLE INCOME FOR MULTI-STATE BANKS

Total net income as reconciled from SC1101B, page 1, line 3
Income subject to direct allocation to SC and other states from Schedule C, line 7
Total net income subject to apportionment (subtract line 2 from line 1)
Multiply line 3 by the ratio from Schedule E
Income subject to direct allocation to SC from Schedule C, line 8
Total SC net income (add line 4 and line 5) Also enter on SC1101B, page 1, line 4

SCHEDULE E

1.
2.
3.
4.
5.
6.

COMPUTATION OF GROSS RECEIPTS RATIO
1. In SC

1. Total gross receipts
2. Exclusion
3. Total adjusted gross receipts (subtract line 2 from line 1)
4. Gross receipts ratio (line 3, column 1 divided by line 3, column 2)

30893051

<

2. Total Everywhere

> <

3. Ratio

>
%

INSTRUCTIONS
General Information: Every bank engaged in business in South Carolina is subject to the Bank Tax. The tax is 4.5% of
the entire net income of the taxpayer doing banking business within South Carolina or from the sales or rentals of property
within the state.
Banks cannot elect S Corporation status for South Carolina Bank Tax purposes. For federal S Corporations, prepare and
attach a pro forma federal 1120, enter the taxable income on line 1, and include the business FEIN.
Banks cannot be included in consolidated returns.
A savings bank is a Savings and Loan Association, not a bank. If you are a Savings and Loan Association, complete the
SC1104.
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.
Who must file: Any person engaged in a banking business in South Carolina, except cash depositories.
When to file: The return must be filed by the 15th day of the fourth month after the tax year end. Attach a complete
copy of your federal return.
Request for extension to file:
• Need more time to file? Request a filing extension by paying your balance due on our free online tax portal,
MyDORWAY, at dor.sc.gov/pay. Select Business Income Tax Payment to get started. Your payment
automatically submits your filing extension request. No additional form or paperwork is required.
• If requesting your extension by mail, use the SC1120-T, Application for Automatic Extension of Time to File
Corporate Tax Returns, available at dor.sc.gov/forms.
• If no Bank Tax is due and you requested a federal extension, the federal extension will be accepted as a South
Carolina extension if we receive your Bank Tax return within the time as extended by the IRS.
• There is no extension of time to pay. You must pay any Bank Tax due by the due date to avoid late penalties and
interest.
• Mark the Extension box on the front of this return if you filed a federal or state extension.
Declaration of Estimated Tax: Banks must make Estimated Tax (or declaration) payments if their Estimated Tax is
determined to be $100 or more. Quarterly installments are due by the 15th day of the fourth, sixth, ninth, and twelfth
months of the tax year.
The quickest, easiest way to pay is using our free online tax portal, MyDORWAY, at dor.sc.gov/pay. Select Business
Income Tax Payment to get started. Do not submit the SC1120-CDP, Corporation Declaration of Estimated Income Tax,
if you pay online.
If making your Estimated Tax payments by mail, use the SC1120-CDP, available at dor.sc.gov/forms.
Avoid a penalty by making each payment on time. For information on computing underpayment penalties, see the
SC2220, Underpayment of Estimated Tax by Corporations, available at dor.sc.gov/forms.
Find more information on Bank Tax at dor.sc.gov/tax/bank.

1

LINE INSTRUCTIONS
Line 1: Enter the taxable income as shown on your federal tax return. Your federal return and all supporting
schedules must be attached.
Line 2: Complete Schedule A and B on page 2 and enter the net adjustment from line 19.
Additions to federal taxable income include all income items which are recorded on the books but are not
included in federal taxable income. Examples are:
• interest on state and local obligations
• accretion of bond discount
Additions to federal taxable income also include all expenses deducted on the federal return which are not
charged against book income. Examples are:
• federal bad debt deduction
• federal depreciation in excess of book
• federal net operating loss deduction
Deductions from federal taxable income include all income items subject to tax on the federal return that have
not been included in book income. Examples are:
• tax over book sale income
• tax over book securities income
Deductions from federal taxable income also include all expenses that have been recorded on the books but
which have not been deducted on the federal return. Examples are:
• nondeductible travel and entertainment expense
• nondeductible amortization
Banks are not allowed a net operating loss deduction. The net operating loss deduction is part of the Internal
Revenue Code, which is adopted for South Carolina Income Tax purposes but not for the purposes of the Bank
Tax. South Carolina law must specifically provide that a section of the Internal Revenue Code applies to the
Bank Tax. See SC Code Sections 12-6-40 and 12-6-50 for more information on the portions of the Internal
Revenue Code adopted by South Carolina for Income Tax. See SC Code Section 12-11-20 for more information
on the Bank Tax. Banks must add back any federal net operating loss deduction and may not take a South
Carolina net operating loss deduction. SC Code Sections are available at dor.sc.gov/policy.
Line 4: Generally, the taxable income related to the business of a multi-state bank is apportioned to South Carolina using
the gross receipts method in SC Code Section 12-6-2290. Gains and losses from real property less related expenses are
allocated to the state where the real property is located. Dividends received from corporate stocks not connected with the
taxpayer's business, less all related expenses, are allocated to the state of a bank's principal place of business.
Line 6: Attach the SC1120TC and applicable tax credit schedules. The credits claimed cannot exceed your tax
liability.
Line 10b: If a bank fails to file its tax return when due (including any extensions of time for filing), it will be subject to a
failure to file penalty. If a bank fails to pay any tax on or before the due date, a failure to pay penalty must be added to the
tax.
A penalty and interest calculator is available at dor.sc.gov/calculator.
Line 10c: If your bank underpaid its Estimated Tax, complete the SC2220 and attach it to your return. If your bank owes a
penalty, show the amount in the space provided. If your bank is due a refund, subtract the penalty amount from the
overpayment shown on line 12. The SC2220 is available at dor.sc.gov/forms.
For more information on penalties and interest, see the SC1120 Instructions, available at dor.sc.gov/forms.

2