Increases the maximum credit for excess insurance premiums from $1,250 to $2,000.

The bill amends the South Carolina Code to increase the maximum credit for excess premium paid for property and casualty insurance from $1,250 to $2,000. The credit is available against the state income tax liability for the taxable year. Any unused credit may be carried forward for five succeeding taxable years. The changes apply to all taxable years beginning after December 31, 2025.

Increases the maximum credit for excess insurance premiums from $1,250 to $2,000.

The bill amends the South Carolina Code to increase the maximum credit for excess premium paid for property and casualty insurance from $1,250 to $2,000. The credit is available against the state income tax liability for the taxable year. Any unused credit may be carried forward for five succeeding taxable years. The changes apply to all taxable years beginning after December 31, 2025.