Bill > S0121

This bill, the "Long-Term Care Tax Credit Act," proposes to amend South Carolina's tax laws to allow individuals to claim a state income tax credit of up to 15% of the premiums paid for qualified long-term care insurance contracts, with a cap of $2,000 per individual covered. The credit is intended to encourage South Carolina residents to purchase long-term care insurance, which can help cover the costs of extended healthcare services as they age. The bill specifies that the credit cannot be claimed for payments that are already deducted or excluded from the taxpayer's income, and it requires taxpayers to provide information to the state to demonstrate that the premiums were not already excluded from their taxable income.