What type of tax is specifically related to business income in South Carolina?

The type of tax that is specifically related to business income in South Carolina is the corporate income tax. This tax applies to the earnings generated by corporations operating within the state and is based on the net income of the business.

Corporate income tax is designed to tax corporations on their profits, reflecting their financial success and contributing to state revenue. This tax is assessed at a specific rate, which is determined by South Carolina's state tax laws.

While the sales and use tax applies to the sale of goods and services, and the franchise tax is a fee based on the entity's ability to engage in business in South Carolina, neither of these taxes directly pertains to the income generated by the business. Business income tax typically refers to taxation on the net profit of sole proprietorships or pass-through entities, but the correct term within the context of business income at a corporate level in South Carolina is the corporate income tax.