SC S0682

Creates a 100% income tax credit for timber casualty losses in federally declared disaster areas resulting from Hurricane Helene (September 2024), capped at $550 per affected acre

Limits the total aggregate credit for all taxpayers across all tax years to $25 million, distributed on a first-come, first-served basis

Requires taxpayers to apply through the Department of Revenue with certification from both the property owner and a registered forester that the loss qualifies

Allows unused credits to be carried forward for five tax years

Provides a state income tax deduction for federal disaster relief payments and USDA grants received for agricultural losses from Hurricane Helene

The act repeals automatically on January 1, 2029, and does not apply to tax year 2029 or thereafter