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 involved in the qualified conservation contribution will be considered for this credit, with the exception of property within the intertidal zone.

Furthermore, the bill establishes a cap 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 legislation also incorporates attribution rules from Section 267 of the Internal Revenue Code to clarify the application of the per acre and per taxpayer limitations. This act will take effect upon the Governor's approval and will first apply to income tax years starting after 2024.

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