The bill H. 4693 proposes to amend the South Carolina Code of Laws by adding Section 12-6-3796, which introduces an alternative low-income housing tax credit aimed at preserving existing buildings and housing resources for low-income housing. This new tax credit will allow eligible taxpayers to receive a credit equal to ten percent of the federal low-income housing tax credit, but it can only be awarded by small public housing agencies located in rural areas. Importantly, taxpayers cannot claim this new credit if they are also claiming the existing credit under Section 12-6-3795 for the same project.

Additionally, the bill stipulates that the new credit can only be awarded if there are sufficient federal 9 percent tax credit funds available to cover the costs. The South Carolina Department of Revenue is tasked with coordinating the implementation of this credit in collaboration with the South Carolina State Housing Finance and Development Authority. The act will take effect upon the Governor's approval and will apply to tax years beginning after 2025.

Statutes affected:
12/17/2025: 12-6-3796
Latest Version: 12-6-3796