Bill > S0122

This bill amends the existing South Carolina law on the state income tax credit for conservation or qualified conservation contributions of real property. The key provisions are: 1) The credit is now equal to 25% of the total value of the gift, rather than 25% of the charitable deduction allowed on the taxpayer's federal income tax return. 2) The maximum annual credit allowed per taxpayer is increased from $52,500 to $150,000, and this maximum will be adjusted annually for inflation. 3) The bill removes obsolete provisions and clarifies the eligibility criteria, including allowing credits for certain forestry and silviculture practices that conform to state guidelines. The bill applies to qualified conservation contributions made after 2020 and takes effect upon the Governor's approval.