However, a corporation that has elected to be taxed under Subchapter S of the Internal Revenue Code may not join in the filing of a consolidated income tax return under this section.
The terms "substantially controlled" and "substantially the entire control" mean the ownership of at least eighty percent of the total combined voting power of all classes of stock of all corporations that are a party to a consolidated return.
S.C. Code § 12-6-5020
2005 Act No. 145, Section 17.B, provides as follows:
"Section 12-6-5020(F), as amended by this section, applies for taxable years beginning after 2004."