The bill S. 890 aims to provide property tax relief for small businesses in South Carolina by introducing a new tax credit. Specifically, it proposes the addition of Section 12-37-221 to the South Carolina Code of Laws, which defines a "small business" as a commercial retail service, industry entity, or nonprofit corporation that is registered and headquartered in the state, owned by state residents who pay income taxes, independently operated, and employs fewer than one hundred full-time employees or has gross annual sales or program service revenues of less than three million dollars.

Under this new section, majority owners of qualifying small businesses would be entitled to a property tax credit of ten thousand dollars, supplementing existing exemptions outlined in Section 12-37-220. The bill stipulates that this tax credit can only be claimed once per tax year by each taxpayer. The act is set to take effect upon approval by the Governor.

Statutes affected:
02/04/2026: 12-37-221
Latest Version: 12-37-221