First-time homebuyers 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 a new income tax credit for first-time homebuyers in South Carolina. The credit is equal to one percent of the home’s purchase price, up to a maximum of $3,000, and must be paid in three equal installments over three tax years. The bill outlines specific eligibility requirements, including proof of not having previously owned a home and meeting certain criteria related to previous homeownership circumstances.
Key provisions
- Provides a refundable income tax credit for first-time homebuyers.
- The credit is capped at $3,000.
- The credit is paid in three equal installments over three tax years.
- Homebuyers must not have previously owned a home to qualify.
- Specific exceptions are outlined for homemakers, single parents, and homes that did not meet building codes.
- The Department of Revenue will prescribe the required proof of purchase and administer the credit.
Who is affected
- First-time homebuyers in South Carolina
- Individual taxpayers
- The South Carolina Department of Revenue
Notable changes
- Establishes a new state income tax credit specifically for first-time homebuyers.
- Specifies a repayment schedule for the credit over three tax years.
- Includes exceptions for certain types of previous homeownership situations.
Bill text
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Sponsors
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2 on record
Primary sponsor
Cosponsor
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