The "Long-Term Care Tax Credit Act" is a proposed bill in South Carolina that aims to provide individual taxpayers with a state income tax credit of fifteen percent on the total premiums paid for long-term care insurance. This credit is capped at a maximum of two thousand dollars per qualifying individual for each taxable year. The bill specifies that the credit cannot exceed the taxpayer's total tax liability after accounting for other credits, and it includes provisions for nonresidents to adjust their credit based on personal exemptions and deductions.

Additionally, the bill stipulates that taxpayers cannot claim the credit for any premium payments that have already been deducted or excluded from their income, ensuring that no double benefits are received. Taxpayers claiming the credit must also provide necessary documentation to verify that the premium payments were included in their gross income for the taxable year. The act will take effect upon the Governor's approval and will apply to taxable years starting after 2024.

Statutes affected:
01/21/2025: 12-6-3395
Latest Version: 12-6-3395