S.0250

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.