The bill H. 3943 proposes to amend the South Carolina Code of Laws by adding Section 12-6-3830, which establishes a nonrefundable income tax credit for disabled veterans. This credit is calculated based on the veteran's disability rating percentage issued by the United States Department of Veteran Affairs and their income tax liability, with a maximum credit limit of five thousand dollars per year. The South Carolina Department of Revenue is authorized to require necessary documentation to administer this credit effectively.

The act is set to take effect upon approval by the Governor and will first apply to tax years beginning after 2024. This legislation aims to provide financial relief to disabled veterans by recognizing their service and the challenges they face.

Statutes affected:
02/11/2025: 12-6-3830
Latest Version: 12-6-3830