The bill H. 3409 proposes amendments to Section 12-6-3515 of the South Carolina Code of Laws, which pertains to the income tax credit for conservation contributions of real property. The key change includes an increase in the maximum allowable credit per acre of property designated for conservation, raising it to two hundred fifty-one thousand dollars. Additionally, the bill specifies that all upland and wetland acreage, except for property within the intertidal zone, will be considered when calculating this credit cap.

Furthermore, the bill establishes a new limit on the total credit a taxpayer can utilize in a given taxable year, increasing it to fifty-two thousand five hundred one hundred five thousand dollars. The bill also clarifies that the attribution rules of Section 267 of the Internal Revenue Code will apply when determining the per acre and per taxpayer limitations on the credit. This act will take effect upon the Governor's approval and will first apply to income tax years beginning after 2024.

Statutes affected:
12/05/2024: 12-6-3515
Latest Version: 12-6-3515
12/06/2024: 12-6-3515