The bill S. 252 proposes amendments to Section 12-6-3515 of the South Carolina Code of Laws, which governs the state income tax credit for conservation contributions of real property. The key changes include increasing the credit amount from twenty-five percent of the charitable deduction for the gift to twenty-five percent of the total value of the gift itself. Additionally, the maximum annual credit allowed for a taxpayer is raised from fifty-two thousand five hundred dollars to one hundred fifty thousand dollars. The bill also introduces provisions for adjusting the maximum annual credit based on increases in the Consumer Price Index and removes obsolete language from the existing law.

Furthermore, the bill clarifies the eligibility criteria for the tax credit, ensuring that contributions meet the requirements set forth in the Internal Revenue Code. It specifies that property associated with golf is not eligible for the credit and outlines conditions under which forestry and silvicultural practices do not disqualify a taxpayer from receiving the credit. The bill mandates that the South Carolina Department of Revenue report on the activity generated by this tax credit for the years 2001 and 2002. The act will take effect upon the Governor's approval and will apply to qualified conservation contributions made after 2024.

Statutes affected:
01/21/2025: 12-6-3515
Latest Version: 12-6-3515