Bill > H5062

This bill amends the South Carolina Code of Laws by increasing the amount of the income tax credit allowed for the conservation or qualified conservation contribution of real property. Specifically, it increases the maximum credit per acre from $250,000 to $500,000 and the total credit a taxpayer can use in a given year from $52,500 to $100,000. The bill also clarifies that all upland and wetland acreage subject to the qualified conservation contribution, except for property in the intertidal zone, will be counted towards the per-acre credit cap. The changes made by this bill will take effect for income tax years after 2023.