South Carolina S0250 allows a tax credit for long-term care insurance premiums up to $2,000 per year.

South Carolina S0250, the Long-Term Care Tax Credit Act, introduces a state income tax credit for premiums paid on qualified long-term care insurance. The credit amounts to fifteen percent of the premium costs, up to a maximum of $2,000 per taxable year per individual. This credit applies to premiums paid for coverage of the taxpayer, their spouse, or a dependent. The credit is not applicable to premiums deducted or excluded from the taxpayer's income. The act becomes effective for taxable years beginning after 2024, pending approval by the Governor.

South Carolina S0250 allows a tax credit for long-term care insurance premiums up to $2,000 per year.

South Carolina S0250, the Long-Term Care Tax Credit Act, introduces a state income tax credit for premiums paid on qualified long-term care insurance. The credit amounts to fifteen percent of the premium costs, up to a maximum of $2,000 per taxable year per individual. This credit applies to premiums paid for coverage of the taxpayer, their spouse, or a dependent. The credit is not applicable to premiums deducted or excluded from the taxpayer's income. The act becomes effective for taxable years beginning after 2024, pending approval by the Governor.