Conservation tax credit
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill proposes to increase the amount of the South Carolina income tax credit available for qualified conservation contributions of real property. Specifically, it raises the credit allowed per acre from $251,000 to $525,001, while also establishing a maximum credit amount for individual taxpayers. The credit applies to various types of wetland acreage and excludes property within the intertidal zone.
Key provisions
- Increases the per-acre conservation tax credit from $251,000 to $525,001.
- Establishes a maximum credit amount of $52,501,005 for individual taxpayers.
- The credit applies to upland and wetland acreage, excluding intertidal zone property.
- Includes all wetland acreage, such as ponds and hardwood bottomlands, in the calculation.
- Applies attribution rules similar to those in the Internal Revenue Code.
- The act takes effect after Governor approval and applies to income tax years beginning in 2025.
Who is affected
- Taxpayers
- Real property owners
- Conservation organizations
- Landowners
- The State of South Carolina
Notable changes
- Increases the existing conservation tax credit amount.
- Expands the types of wetland acreage included in the credit calculation.
Bill text
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Sponsors
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9 on record
Primary sponsor
Cosponsors
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