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 primary change is to increase the maximum allowable credit for individual taxpayers from one thousand two hundred fifty dollars to two thousand dollars for any given tax year. This credit is applicable to excess premiums paid that exceed five percent of the taxpayer's adjusted gross income for insurance covering their legal residence.

Additionally, the bill stipulates that if the credit exceeds the taxpayer's state income tax liability, any unused portion of the credit can be carried forward for up to five succeeding taxable years. The act will 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