Bill > S0252

This bill amends the South Carolina state income tax code to modify the tax credit for conservation land donations, making several key changes. Specifically, the bill adjusts the calculation of the tax credit from 25% of the charitable deduction to 25% of the total value of the donated land, increases the maximum annual credit a taxpayer can claim from $52,500 to $150,000, and establishes a mechanism to adjust the maximum credit annually based on the Consumer Price Index (CPI) for taxable years beginning after 2024. The bill maintains existing provisions that allow unused credits to be carried forward or transferred, and continues to require that conservation donations meet specific federal tax code requirements. Donations must be for genuine conservation purposes, such as preserving natural habitats, and cannot involve land primarily used or planned for golf. The bill also clarifies that certain forestry and silvicultural practices will not automatically disqualify a donation from receiving the tax credit, provided they conform to established Best Management Practices and other conservation contribution guidelines. The changes aim to incentivize land conservation by making the tax credit more generous and flexible for landowners who donate property for conservation purposes.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=0252&session=126&summary=B