Bill > H3409

This bill amends South Carolina's tax code to increase the tax credit available for qualified conservation contributions of real property. Specifically, the bill modifies the existing law by changing two key limitations on the conservation tax credit. First, the per-acre tax credit cap remains at $251,000 per acre, which applies to various types of land including uplands, wetlands, ponds, hardwood bottomlands, and Carolina Bays, but excluding property within the intertidal zone. Second, the bill increases the total credit a taxpayer may use in a single tax year from $52,500 to $105,000. The bill clarifies that when calculating these credit limitations, the Internal Revenue Code's attribution rules will apply, which prevents taxpayers from artificially dividing property or credits to circumvent the caps. The tax credit amendments will take effect upon the Governor's approval and will first apply to income tax years beginning after 2024, providing a clear timeline for implementation of these changes to the conservation tax credit program.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=3409&session=126&summary=B