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SC H4594
Bill
Status
Introduced
1/13/2026
Primary Sponsor
William Hixon
Click for details
AI Summary
- Creates a 100% income tax credit for timber casualty losses in federally declared disaster areas from Hurricane Helene (September 2024), capped at $550 per affected acre of eligible timber property
- Limits the total aggregate credit for all taxpayers across all tax years to $25 million, distributed on a first-come, first-served basis
- Requires certification by the property owner and a registered forester that the timber loss qualifies, with the State Forestry Commission establishing damage criteria
- Allows deduction from state taxable income for federal disaster relief payments, state-administered assistance grants, and USDA payments specifically addressing agricultural losses from Hurricane Helene
- Takes effect upon Governor's approval and is repealed January 1, 2029, though unused credits may be carried forward for five tax years beyond that date
Legislative Description
Timber
Last Action
Member(s) request name added as sponsor: Schuessler
1/21/2026
Committee Referrals
Ways and Means12/16/2025
Full Bill Text
No bill text available