Bill > H4708

This bill creates a new income tax credit for first-time homebuyers in South Carolina, allowing resident individual taxpayers to receive a refundable tax credit equal to 1% of their home's purchase price, up to a maximum of $3,000, which will be distributed in equal installments over three tax years starting from the year of home purchase. To qualify, taxpayers must be true first-time homeowners who have never previously owned a home, with some specific exceptions that preserve eligibility, such as being displaced from a spouse's home, being a single parent after a marriage, or having previously owned a non-permanent structure that did not meet building codes. The bill includes nuanced provisions that allow certain individuals to still claim the credit even if they technically owned a home before, such as homemakers who were living in a spouse's property or individuals who owned a home that was not permanently affixed to a foundation. The South Carolina Department of Revenue will be responsible for determining the specific documentation required to claim the credit and can develop additional rules for implementation. The tax credit will become effective after gubernatorial approval and will apply to home purchases made after 2025.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=4708&session=126&summary=B