South Carolina H4594 proposes an income tax credit for timber casualty losses in federally declared disaster areas, specifically for Hurricane Helene.

South Carolina H4594 amends the state's tax code to allow an income tax credit for timber casualty losses in federally declared disaster areas, specifically for Hurricane Helene. The credit is equal to 100% of the loss, up to a maximum of $550 per affected acre, and can be carried forward for up to five tax years. The State Forestry Commission will establish criteria for determining timber property damage and may audit properties for compliance. The credit is capped at $25 million for all taxpayers across all tax years.

South Carolina H4594 proposes an income tax credit for timber casualty losses in federally declared disaster areas, specifically for Hurricane Helene.

South Carolina H4594 amends the state's tax code to allow an income tax credit for timber casualty losses in federally declared disaster areas, specifically for Hurricane Helene. The credit is equal to 100% of the loss, up to a maximum of $550 per affected acre, and can be carried forward for up to five tax years. The State Forestry Commission will establish criteria for determining timber property damage and may audit properties for compliance. The credit is capped at $25 million for all taxpayers across all tax years.