Bill > H3943

This bill adds a new income tax credit for disabled veterans in South Carolina by creating Section 12-6-3830 in the state tax code. Under this provision, veterans with a disability rating from the United States Department of Veterans Affairs would be eligible for a nonrefundable tax credit that is calculated by multiplying their disability rating percentage by their total income tax liability. The credit is capped at $5,000 per year, meaning that even if the calculated credit would be higher, veterans cannot receive more than $5,000 in tax relief. The state's tax department is authorized to request documentation to verify a veteran's eligibility for the credit. The bill specifies that this tax credit will take effect upon the governor's approval and will first apply to tax years beginning after 2024, which means eligible veterans can start claiming the credit on their 2025 tax returns.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=3943&session=126&summary=B