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 taxpayers will rise from $52,500 to $150,000, and this amount will be adjusted annually based on the Consumer Price Index. The bill also aims to delete obsolete provisions within the current law.

Furthermore, the bill clarifies that the credit is not applicable to properties associated with golf activities and outlines specific conditions under which forestry and silvicultural practices do not disqualify a taxpayer from receiving the credit. The South Carolina Department of Revenue is tasked with reporting 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