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 is an increase in the maximum allowable credit per acre of property designated for conservation, raising it to two hundred fifty-one thousand dollars. The bill clarifies that all upland and wetland acreage, excluding property in the intertidal zone, will be considered when calculating this credit cap. Additionally, it specifies that the total credit a taxpayer can utilize in a given taxable year is capped at fifty-two thousand five hundred dollars.

Furthermore, the bill incorporates attribution rules from Section 267 of the Internal Revenue Code to determine the application of the per acre and per taxpayer limitations on the credit. This legislation 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