The bill S. 260 proposes an amendment to Section 12-6-3670 of the South Carolina Code of Laws, which pertains to the credit for excess premiums paid for property and casualty insurance. The key change in this legislation is the increase of the maximum allowable credit for a tax year from one thousand two hundred fifty dollars to two thousand dollars. This adjustment aims to provide greater financial relief to individual taxpayers who pay excess premiums on their property and casualty insurance.

Additionally, the bill maintains the existing provisions that allow taxpayers to claim a credit against their income tax for excess premiums paid, defined as the amount exceeding five percent of the taxpayer's adjusted gross income. If the credit exceeds the taxpayer's state income tax liability, any unused portion can be carried forward for up to five succeeding taxable years. The bill is set to take effect upon approval by the Governor and will apply to all taxable years beginning after December 31, 2025.

Statutes affected:
01/23/2025: 12-6-3670
Latest Version: 12-6-3670