South Carolina S 260: Excess Insurance Premium Tax Credit

Bill Text

2025-2026 Bill 260 Text of Previous Version (Jan. 23, 2025) - South Carolina Legislature Online 

South Carolina General Assembly
126th Session, 2025-2026

Bill 260

Indicates Matter Stricken
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A bill

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING 
SECTION 12-6-3670, RELATING TO THE CREDIT FOR EXCESS PREMIUM PAID FOR PROPERTY 
AND CASUALTY INSURANCE, SO AS TO RAISE THE MAXIMUM AMOUNT OF THE CREDIT ALLOWED 
FOR A TAX YEAR FROM ONE THOUSAND TWO HUNDRED FIFTY DOLLARS TO TWO THOUSAND 
DOLLARS.

Be it enacted by the 
General Assembly of the State of South Carolina:

SECTION 1. Section 12-6-3670 of the S.C. Code is amended to read:

 Section 
12-6-3670. (A) An individual 
taxpayer may claim a credit against the income tax imposed pursuant to Section 
12-6-510 for excess premium paid during the applicable tax year for property 
and casualty insurance, as defined in Articles 1, 3, and 5 of Chapter 75, Title 
38, providing coverage on the taxpayer's legal residence pursuant to Section 
12-43-220(c).

 (B) 
For the purposes of computing the credit allowed by this section, excess 
premium paid is the amount by which the premium paid exceeds five percent of 
the taxpayer's adjusted gross income.

 (C)(1) The credit allowed pursuant to 
this section for any taxable year may not exceed one 
thousand two hundred fifty dollarstwo thousand 
dollars.

 (2) 
If the credit allowed under this section exceeds the state income tax liability 
for the taxable year, any unused credit may be carried forward for five 
succeeding taxable years.

SECTION 2. This act takes effect upon approval 
by the Governor and is applicable to all taxable years beginning after December 
31, 2025.

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This web page was last updated on January 23, 2025 at 11:26 AM