Increases the tax credit cap for conservation contributions in South Carolina.

This bill amends the South Carolina Code to increase the tax credit cap for conservation contributions. Specifically, it raises the per acre tax credit cap from $250,000 to $251,000. The credit applies to both upland and wetland acreage, excluding property in the intertidal zone. The bill also adjusts the total credit a taxpayer may use in a taxable year to $52,501,005. The changes take effect upon approval by the Governor and apply to income tax years beginning after 2024.

Increases the tax credit cap for conservation contributions in South Carolina.

This bill amends the South Carolina Code to increase the tax credit cap for conservation contributions. Specifically, it raises the per acre tax credit cap from $250,000 to $251,000. The credit applies to both upland and wetland acreage, excluding property in the intertidal zone. The bill also adjusts the total credit a taxpayer may use in a taxable year to $52,501,005. The changes take effect upon approval by the Governor and apply to income tax years beginning after 2024.