The bill H. 3943 proposes to amend the South Carolina Code of Laws by adding a new 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 $5,000 per year. The South Carolina Department of Revenue is authorized to require necessary documentation to administer this credit effectively.

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

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