The bill S. 682 proposes amendments to the South Carolina Code of Laws to provide financial relief to taxpayers affected by Hurricane Helene, which struck in September 2024. It introduces a new section, 12-6-3830, allowing an income tax credit for timber casualty losses incurred in federally declared disaster areas. The credit is set at 100% of the taxpayer's loss, with a cap of $550 per affected acre of eligible timber property, and a total aggregate limit of $25 million for all taxpayers. The bill also establishes an application process overseen by the Department of Revenue and the State Forestry Commission, which will set criteria for determining qualifying timber casualty losses.

Additionally, the bill amends Section 12-6-1140 to allow deductions for payments received from federal disaster relief programs related to Hurricane Helene, specifically for agricultural losses. This act will take effect upon the Governor's approval and will be repealed on January 1, 2029, although any credits carried forward will remain valid until they expire after five tax years.

Statutes affected:
05/28/2025: 12-6-3830, 12-6-1140
Latest Version: 12-6-3830, 12-6-1140