South Carolina S 250: Workers' Com Commissioners

Bill Text

2025-2026 Bill 250 Text of Previous Version (Jan. 21, 2025) - South Carolina Legislature Online 

South Carolina General Assembly
126th Session, 2025-2026

Bill 250

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 ENACTING THE 
"LONG-TERM CARE TAX CREDIT ACT" BY ADDING SECTION 12-6-3395 SO AS TO ALLOW A 
STATE INDIVIDUAL INCOME TAX CREDIT OF FIFTEEN PERCENT OF THE TOTAL AMOUNT OF PREMIUMS 
PAID BY A TAXPAYER PURSUANT TO A LONG-TERM CARE INSURANCE CONTRACT, NOT TO 
EXCEED TWO THOUSAND DOLLARS IN A TAXABLE YEAR FOR EACH INDIVIDUAL, AND TO 
PROHIBIT A DOUBLE BENEFIT.

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

SECTION 1. This act may be cited as the "Long-Term Care Tax Credit Act."

SECTION 2. Article 25, Chapter 6, Title 12 of the S.C. Code is 
amended by adding:

 Section 
12-6-3395. (A) An individual 
taxpayer may claim as a credit against the income tax imposed by this chapter 
an amount equal to fifteen percent of the premium costs the individual paid 
during the taxable year on a qualified contract for long-term care insurance, 
as defined in Section 38-72-40(1), that offers coverage to the individual, his 
spouse, or a dependent for whom he was allowed to deduct a personal exemption 
on his federal individual income tax return for the taxable year. The credit 
allowed by this section may not exceed two thousand dollars for each qualifying 
individual covered by one or more qualified long-term care insurance contracts 
for which a credit is claimed. The credit may not exceed the amount of tax 
imposed by this chapter for the taxable year reduced by the sum of all credits 
allowed, except payments of tax made by or on behalf of the taxpayer. A 
nonresident who claims the credit allowed by this section shall reduce the 
amount of the credit in the same manner as nonresident individuals reduce personal 
exemptions and the applicable standard deduction or itemized deductions 
pursuant to Section 12-6-1720(2).

 (B) A 
credit is not allowed for payments that are deducted or excluded from the 
taxpayer's income for the taxable year, whether the deduction or exclusion was 
due to a South Carolina modification pursuant to Article 9 of this chapter or 
was due to an exclusion or deduction that resulted in a reduction of the 
taxpayer's federal taxable income.

 (C) A 
taxpayer who claims the credit allowed by this section shall provide 
information required by the department to demonstrate that the amount paid for 
premiums for which the credit is claimed was not excluded from the taxpayer's 
gross income for the taxable year.

SECTION 3. This act takes effect upon approval 
by the Governor and is effective for taxable years beginning after 2024.

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This web page was last updated on January 21, 2025 at 11:25 AM