S.0682

South Carolina S0682 allows an income tax credit for timber casualty losses in federally declared disaster areas from Hurricane Helene.

South Carolina S0682 amends the state tax code to allow an income tax credit for timber casualty losses in federally declared disaster areas resulting from Hurricane Helene. The credit is equal to 100% of the loss and can be carried forward for up to five tax years. The State Forestry Commission establishes criteria for determining if timber property qualifies for the credit, considering factors like average damage and remaining trees. The maximum aggregate credit for all taxpayers is capped at $25 million.