Bill > H4594

This bill provides tax relief for timber property owners affected by Hurricane Helene in September 2024, offering two primary financial provisions. First, the bill creates an income tax credit for timber casualty losses in federally declared disaster areas, allowing taxpayers to claim up to $550 per affected acre of timber property, with a total credit cap of $25 million distributed on a first-come, first-served basis. The credit can be carried forward for up to five tax years and requires certification by a property owner and registered forester to verify the timber loss. The State Forestry Commission will establish criteria for determining timber damage, considering factors like overall property damage, remaining tree density, and potential insect disease risks. Second, the bill allows taxpayers to exclude from taxable income certain disaster relief payments received from federal, state, or USDA agricultural assistance grant programs specifically established to address agricultural losses from Hurricane Helene. The bill will take effect upon the Governor's approval and will be repealed on January 1, 2029, though any existing carried-forward credits will remain valid until their five-year period expires.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=4594&session=126&summary=B