But while he's now only considering to run for the office he's named "President of the United States of South Carolina," Colbert is still playing an active role in the state's upcoming Republican presidential primary.
His political action committee recently completed a video advertisement taking on Mitt Romney, who's still in the lead of the latest polls.
Referring to the former Massachusetts governor as "Mitt the Ripper," its narrator (actor John Lithgow) says "If Mitt Romney really believes 'corporations are people, too,' then Mitt Romney is a serial killer," referring to Romney's previous business ventures.
The video (titled "In Like Jack" on its youtube page but as "Attack in Minor B For Strings" on the website of Colbert's political action committee) does not endorse another candidate. It only recommends voters select "not Mitt."
A recent poll by Public Policy Polling reported Colbert to finish second-to-last in the slate of all candidates to appear on South Carolina's January 21 ballots.
That his five-percent take bested Jon Huntsman's four was Colbert's inspiration to at least consider the possibility to enter the race, if only tongue in cheek, in the last week before the state's Republican Presidential Primary.
To do so properly within very loose federal election laws, Colbert had to find another operator for his PAC. Currently, co-Comedy Central star Jon Stewart is chair of what recently changed its name to "Definitely not coordinating with Stephen Colbert Super PAC."
The South Carolina Republican Presidential Primary takes place January 21.