Budget & Taxes (Income Tax)

in committee · South Carolina · House Feb 13, 2025

H 4008: Impact fee

A BILL TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY ADDING SECTION 6-1-175 SO AS TO AUTHORIZE THE GOVERNING BODY OF A COUNTY OR MUNICIPALITY TO IMPOSE A ONE-TIME IMPACT FEE ON PRIVATE DEVELOPERS FOR EACH NEW RESIDENTIAL AND COMMERCIAL UNIT CONSTRUCTED BY THE DEVELOPER WITHIN THE COUNTY OR MUNICIPALITY, TO PROVIDE THAT THE FUNDS MAY BE USED ONLY TO FUND THE SOUTH CAROLINA GENTRIFICATION TRUST FUND, AND TO PROVIDE THAT DEVELOPERS WHO DEDICATE AT LEAST FIFTEEN PERCENT OF THE HOUSING DEVELOPMENT TO LOW-INCOME HOUSING ARE EXEMPT FROM THE IMPACT FEE; BY ADDING SECTION 11-11-250 SO AS TO CREATE THE "SOUTH CAROLINA GENTRIFICATION TRUST FUND" TO PROVIDE FINANCIAL ASSISTANCE FOR RELOCATION TO LOW-INCOME AND FIXED-INCOME INDIVIDUALS, CHURCHES, AND GROUPS ADVERSELY IMPACTED AND DISPLACED BY GENTRIFICATION, AND TO PROVIDE THAT EACH YEAR THE GENERAL ASSEMBLY SHALL APPROPRIATE FIVE MILLION DOLLARS; AND BY AMENDING SECTION 12-6-5060, RELATING TO VOLUNTARY CONTRIBUTIONS MADE BY INDIVIDUALS BY MEANS OF THE INCOME TAX RETURN CHECK OFF, SO AS TO ADD THE "SOUTH CAROLINA GENTRIFICATION TRUST FUND."

Topics ✓ Budget & TaxesSupports Budget & TaxesBill mandates impact fees on developers to fund South Carolina Gentrification Trust Fund, directly advancing fiscal management for housing programs.90% confidence ✓ HousingSupports HousingMandates 15% affordable housing in new developments and funds housing trust (despite confusing 'Gentrification' name).85% confidence

Sub-Topics Fees & Licensing Income Tax Affordable Housing Property Development

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in committee · South Carolina · House Jan 16, 2025

H 3492: Earned income tax credit

A BILL TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-6-3632, RELATING TO EARNED INCOME TAX CREDIT, SO AS TO PROVIDE THAT A PORTION OF THE CREDIT IS REFUNDABLE.

Topics ✓ Budget & TaxesSupports Budget & TaxesMakes EITC portion refundable, providing tax relief for low-income earners through expanded refundable credit.95% confidence

Sub-Topics Income Tax Tax Credits

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in committee · South Carolina · House Jan 21, 2026

H 3409: Conservation tax credit

A BILL TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-6-3515, RELATING TO THE INCOME TAX CREDIT FOR CONSERVATION OR QUALIFIED CONSERVATION CONTRIBUTION OF REAL PROPERTY, SO AS TO INCREASE THE AMOUNT OF THE CREDIT ALLOWED.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases tax credit for conservation contributions, reducing taxable income for qualifying property owners, aligning with tax relief support.90% confidence ✓ EnvironmentSupports EnvironmentIncreases tax credit for conservation contributions, incentivizing environmental protection through financial incentives for real property conservation.95% confidence

Sub-Topics Income Tax Tax Credits Conservation

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in committee · South Carolina · House Jan 14, 2025

H 3500: IRA deduction

A BILL TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-6-1140, RELATING TO INCOME TAX DEDUCTIONS, SO AS TO ALLOW A DEDUCTION FOR CONTRIBUTIONS TO AND DISTRIBUTIONS FROM CERTAIN RETIREMENT PLANS.

Topics ✓ Budget & TaxesSupports Budget & TaxesAllows tax deduction for retirement contributions, reducing taxable income and providing tax relief per bill's amendment to income tax deductions.95% confidence

Sub-Topics Income Tax

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signed · South Carolina · Senate Jun 5, 2026

S 556: Renewable Natural Gas

S. 556 creates a 25% tax credit for businesses investing in equipment to produce renewable natural gas (RNG) from landfill gas. The credit covers costs for purchasing, installing, and preparing equipment for commercial use (like processing and transporting RNG), with a maximum annual limit of $5 million or 25% of qualifying costs, whichever is lower. Businesses must get certification from the State Energy Office for equipment placed in service after 2025, and unused credits can be carried forward for up to 15 years. The tax credit applies to income tax or license fees for tax years 2026 through 2031.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides 25% tax credit for RNG equipment, reducing business tax liability and incentivizing clean energy investment through fiscal policy.95% confidence ✓ EnergySupports EnergyBill provides 25% tax credit for RNG equipment, directly funding renewable energy infrastructure and advancing clean energy production from landfill gas.95% confidence ✓ EnvironmentSupports EnvironmentBill provides tax incentives for RNG production from landfill gas, reducing methane emissions and promoting clean energy, directly advancing climate protection goals.95% confidence

Sub-Topics Business Taxes Income Tax Procurement Oil & Gas Recycling Waste Management

in committee · South Carolina · House Jan 14, 2025

H 3362: Transfer of tax credits

A BILL TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-65-30, RELATING TO THE SOUTH CAROLINA TEXTILES COMMUNITIES REVITALIZATION ACT, SO AS TO ALLOW SUCH INCOME TAX CREDITS TO BE TRANSFERRED; AND BY AMENDING SECTION 12-67-140, RELATING TO THE SOUTH CAROLINA ABANDONED BUILDINGS REVITALIZATION ACT, SO AS TO ALLOW SUCH INCOME TAX CREDITS TO BE TRANSFERRED.

Topics ✓ Budget & TaxesSupports Budget & TaxesAllows transfer of tax credits under revitalization acts, enhancing their utility and supporting fiscal management within budget/tax framework.85% confidence

Sub-Topics Income Tax

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in committee · South Carolina · Senate Jan 14, 2025

S 108: Income tax credit

A BILL TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY ENACTING THE "TAX CREDITS FOR PARENTAL CHOICE IN EDUCATION ACT" BY ADDING SECTION 12-6-3830 SO AS TO PROVIDE FOR AN INCOME TAX CREDIT FOR AN INDIVIDUAL WHO CHOOSES TO EDUCATE HIS CHILD OUTSIDE THE PUBLIC SCHOOL SYSTEM.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides income tax credit for education choice, directly reducing tax burden as tax relief under taxation policy.85% confidence ✗ EducationOpposes EducationBill provides tax credits for education outside public schools, directly promoting alternatives to public K-12 systems and reducing reliance on public education funding.90% confidence

Sub-Topics Income Tax Tax Credits School Choice

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signed · South Carolina · House Apr 2, 2026

H 4216: Income tax

AN ACT TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-6-510, RELATING TO INCOME TAX RATES FOR INDIVIDUALS, ESTATES, AND TRUSTS, SO AS TO REDUCE THE TOP MARGINAL INCOME TAX RATE TO 5.21 PERCENT, TO CREATE ANOTHER INCOME TAX BRACKET TO WHICH A 1.99 PERCENT RATE APPLIES, AND TO SET FORTH STANDARDS FOR ADDITIONAL REDUCTIONS; BY AMENDING SECTION 12-6-50, RELATING TO INTERNAL REVENUE CODE SECTIONS SPECIFICALLY NOT ADOPTED BY THE STATE, SO AS TO NOT ADOPT THE FEDERAL STANDARD DEDUCTION AND ITEMIZED DEDUCTION; BY AMENDING SECTION 12-6-1140, RELATING TO INCOME TAX DEDUCTIONS, SO AS TO ALLOW FOR A SOUTH CAROLINA INCOME ADJUSTED DEDUCTION (SCIAD); BY AMENDING SECTION 12-6-4910, RELATING TO PERSONS REQUIRED TO FILE A TAX RETURN, SO AS TO MAKE A CONFORMING CHANGE TO THE CALCULATION; BY AMENDING SECTION 12-6-1720, RELATING TO ADJUSTMENTS TO THE TAXABLE INCOME OF NONRESIDENT INDIVIDUALS, SO AS TO MAKE A CONFORMING CHANGE; AND BY AMENDING SECTION 12-6-3632, RELATING TO THE EARNED INCOME TAX CREDIT, SO AS TO ESTABLISH A MAXIMUM CREDIT AMOUNT. - RATIFIED TITLE

Topics ✓ Budget & TaxesSupports Budget & TaxesBill reduces individual income tax rate to flat 3.99% and eliminates federal deductions, providing tax relief per support indicators.95% confidence

Sub-Topics Business Taxes Income Tax Tax Credits

in committee · South Carolina · House Jan 14, 2025

H 3464: Income tax credit

A BILL TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY ENACTING THE "SMALL BUSINESS EMERGENCY PREPAREDNESS INCOME TAX CREDIT ACT" BY ADDING SECTION 12-6-3830 SO AS TO PROVIDE AN INCOME TAX CREDIT FOR A SMALL BUSINESS THAT PURCHASES A GENERATOR.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides income tax credit for small businesses purchasing generators, reducing tax burden and supporting business preparedness under tax policy.90% confidence

Sub-Topics Income Tax Tax Credits

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in committee · South Carolina · Senate Jan 21, 2025

S 252: Income tax credit for conservation

A BILL TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-6-3515, RELATING TO THE STATE INCOME TAX CREDIT FOR CONSERVATION OR A QUALIFIED CONSERVATION CONTRIBUTION OF REAL PROPERTY, SO AS TO PROVIDE THAT THE CREDIT EQUALS TWENTY-FIVE PERCENT OF THE TOTAL VALUE OF THE GIFT RATHER THAN TWENTY-FIVE PERCENT OF THE CHARITABLE DEDUCTION FOR THE GIFT ALLOWED ON THE TAXPAYER'S FEDERAL INCOME TAX RETURN, TO INCREASE THE MAXIMUM ANNUAL CREDIT ALLOWED A TAXPAYER FROM FIFTY-TWO THOUSAND FIVE HUNDRED DOLLARS TO ONE HUNDRED FIFTY THOUSAND DOLLARS, TO ADJUST THE MAXIMUM ANNUAL CREDIT FOR INCREASES IN THE CONSUMER PRICE INDEX, AND TO DELETE OBSOLETE PROVISIONS.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases tax credit for conservation by raising maximum annual credit, expanding tax relief for taxpayers through higher credit amount.95% confidence ✓ EnvironmentSupports EnvironmentBill provides tax credit for conservation donations, incentivizing land preservation and environmental protection through increased financial incentives for conservation contributions.95% confidence

Sub-Topics Income Tax Tax Credits Conservation

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