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 the Consumer Price Index and aims to delete obsolete provisions from the current law.

Furthermore, the bill clarifies the definitions of "qualified conservation contribution" and "gift of land for conservation" in accordance with the Internal Revenue Code. It specifies that the credit is not available for properties associated with golf 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 credit for the taxable 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