SC H4693

Creates an alternative state income tax credit equal to 10% of the federal low-income housing tax credit for preserving existing buildings and housing resources for low-income housing

Limits credit awards to small public housing agencies (as defined by HUD) located in rural areas or where more than half of their public housing and voucher units are in rural areas

Prohibits taxpayers from claiming both this credit and the existing credit under Section 12-6-3795 for the same project

Restricts credit availability to projects funded by the federal 9% tax credit program

Requires the Department of Revenue to coordinate with the South Carolina State Housing Finance and Development Authority for implementation, effective for tax years beginning after 2025