summary
Introduced
05/28/2025
05/28/2025
In Committee
04/02/2026
04/02/2026
Crossed Over
04/01/2026
04/01/2026
Passed
Dead
Introduced Session
126th General Assembly
Bill Summary
Amend The South Carolina Code Of Laws By Adding Section 12-6-3830 So As To Allow An Income Tax Credit For A Timber Casualty Loss In A Federally Declared Disaster Area Resulting From Hurricane Helene; And By Amending Section 12-6-1140, Relating To Deductions From Individual Taxable Income, So As To Allow A Deduction For Payments Received From Certain Disaster Relief Agencies Resulting From Hurricane Helene.
AI Summary
This bill allows South Carolina taxpayers to claim an income tax credit for timber casualty losses in areas declared federal disaster zones due to Hurricane Helene in September 2024, with the credit capped per acre and reduced by any insurance or federal assistance received, and any unused credit can be carried forward for five years, though the total credits claimed statewide cannot exceed $25 million. Additionally, the bill permits taxpayers to deduct payments received from specific disaster relief agencies, such as those administered by the state or the U.S. Department of Agriculture, if these payments were intended to cover agricultural losses from Hurricane Helene in a federally declared disaster area. The State Forestry Commission will establish criteria for what constitutes a qualifying timber casualty loss and may audit properties, while the Department of Revenue will manage the application process for the credit. This act takes effect upon the Governor's approval and will be repealed on January 1, 2029, though any credits carried forward will still be honored for their full five-year period.
Committee Categories
Budget and Finance
Sponsors (15)
Tom Young (R)*,
Thomas Alexander (R),
Chip Campsen (R),
Tom Corbin (R),
Jason Elliott (R),
Mike Gambrell (R),
Billy Garrett (R),
Carlisle Kennedy (R),
Josh Kimbrell (R),
Shane Massey (R),
Roger Nutt (R),
Russell Ott (D),
Rex Rice (R),
Everett Stubbs (R),
Danny Verdin (R),
Last Action
Referred to Committee on Ways and Means (on 04/02/2026)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.scstatehouse.gov/billsearch.php?billnumbers=0682&session=126&summary=B |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/682_20260325.htm |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/682_20260318.htm |
| Fiscal Note - S0682 2025-05-28 Introduced | https://www.scstatehouse.gov/sess126_2025-2026/fiscalimpactstatements/S0682%202025-05-28%20introduced.pdf |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/682_20250528.htm |
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