The proposed bill, known as the "Pregnancy Resource Act," aims to establish a tax credit for individuals who make voluntary cash contributions to eligible pregnancy resource centers or crisis pregnancy centers in South Carolina. The bill introduces Section 12-6-3383 to the South Carolina Code of Laws, defining eligible charitable organizations and outlining the criteria they must meet to qualify for the tax credit. Specifically, these organizations must be exempt from federal income taxation under Section 501(c)(3) and must certify that no more than twenty percent of contributions will be used for administrative purposes. The bill also stipulates that these organizations cannot provide or support abortions and must file annual IRS documentation with the Secretary of State.

Under the new provisions, taxpayers can receive a tax credit of up to fifty percent of their total tax liability for contributions made during the taxable year, with unused credits eligible to be carried forward for five years. The bill sets an aggregate limit of $3.5 million for tax credits allocated in a calendar year, which will increase to $10 million starting in 2026. Additionally, it specifies that no more than twenty-five percent of the credits can be allocated to a single organization, although this restriction will not apply to credits not allocated before June 1, 2026. The act will take effect upon the Governor's approval.

Statutes affected:
12/11/2024: 12-6-3383
03/26/2025: 12-6-3383
03/28/2025: 12-6-3383
04/01/2025: 12-6-3383
04/03/2025: 12-6-3383
Latest Version: 12-6-3383