South Carolina S0856 allows taxpayers to claim a credit for investments in community development corporations or financial institutions.

South Carolina S0856 amends the state code to allow taxpayers to claim a credit against their state income tax, bank tax, or premium tax liability for investments in community development corporations or community development financial institutions. The credit is equal to 33% of the investment amount. The bill also allows for a credit for cash donations to these entities. The Department of Commerce must authorize the tax credits each year on a first-come, first-served basis, with limits on the total annual credits and the amount any single entity can receive.

South Carolina S0856 allows taxpayers to claim a credit for investments in community development corporations or financial institutions.

South Carolina S0856 amends the state code to allow taxpayers to claim a credit against their state income tax, bank tax, or premium tax liability for investments in community development corporations or community development financial institutions. The credit is equal to 33% of the investment amount. The bill also allows for a credit for cash donations to these entities. The Department of Commerce must authorize the tax credits each year on a first-come, first-served basis, with limits on the total annual credits and the amount any single entity can receive.