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. Specifically, veterans with a disability rating from the United States Department of Veteran Affairs will be eligible for a tax credit that is calculated as the product of their disability rating percentage and their income tax liability, with a maximum credit limit of $5,000 per year. The South Carolina Department of Revenue may require necessary documentation to administer this credit.

This legislation is set to take effect upon approval by the Governor and will first apply to tax years beginning after 2024. The introduction of this tax credit aims to provide financial relief to disabled veterans in South Carolina, recognizing their service and sacrifices.

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