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 based on the number of affected acres of eligible timber property, not exceeding $25 million in total for all taxpayers. Additionally, the bill outlines an application process for the credit, requiring certification from property owners and registered foresters, and grants the State Forestry Commission the authority to establish criteria for determining qualifying timber casualty losses.

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 The act will take effect upon the Governor's approval and is set to be repealed on January 1, 2029, although any credits carried forward will remain valid until they expire after five tax years.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