The bill H. 4594 proposes amendments to the South Carolina Code of Laws to provide financial relief for 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. 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 disaster relief programs related to Hurricane Helene, provided these payments are included in federal taxable income. The act is set to take effect upon the Governor's approval and will be repealed on January 1, 2029, although any credits carried forward will remain valid for five tax years.

Statutes affected:
12/17/2025: 12-6-3830, 12-6-1140
Latest Version: 12-6-3830, 12-6-1140