Bill > S0682

This bill provides tax relief for timber property owners in South Carolina affected by Hurricane Helene in September 2024. Specifically, the bill creates an income tax credit for timber casualty losses in federally declared disaster areas, with each affected taxpayer eligible to receive up to $550 per acre, subject to a maximum aggregate credit of $25 million across all taxpayers. The credit can be carried forward for up to five tax years and will be awarded on a first-come, first-served basis. To qualify, property owners must obtain certification from a registered forester and the State Forestry Commission, which will establish criteria for determining timber damage, such as average damage sustained, remaining tree density, and potential risk of insect disease. Additionally, the bill allows taxpayers to exclude from taxable income certain disaster relief payments received from state, local, or federal agricultural assistance programs specifically established to address agricultural losses from Hurricane Helene. The bill will take effect upon the Governor's approval and will expire on January 1, 2029, though any existing carried-forward credits may continue to be used until their five-year period expires.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=0682&session=126&summary=B