The bill H. 4708 proposes to amend the South Carolina Code of Laws by adding Section 12-6-3830, which establishes a refundable income tax credit for resident individual taxpayers who are first-time homebuyers. The credit is set at one percent of the home's purchase price, with a maximum limit of three thousand dollars. Taxpayers can claim this credit in equal installments over three tax years, starting from the year the home is purchased. To qualify, individuals must not have owned a home prior to the qualifying purchase and must not have previously claimed this credit.

Additionally, the bill outlines specific circumstances under which individuals who have previously owned a home may still be eligible for the credit, such as being displaced from a home owned with a spouse or owning a home that did not meet building codes. The South Carolina Department of Revenue is tasked with determining the necessary proof for claiming the credit and may establish regulations for its administration. The act will take effect upon the Governor's approval and will apply to qualifying purchases made after 2025.

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