SC S0682

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.

Sets maximum aggregate credit at $25 million across all taxpayers and tax years, with proportional reduction if claims exceed the cap; unused credits may be carried forward for five years.

Requires the State Forestry Commission to establish damage criteria and certification requirements, including assessment by a registered forester.

Allows deduction from state taxable income for federal disaster relief payments, state-administered assistance grants, or USDA payments specifically addressing agricultural losses from Hurricane Helene.

Act repeals January 1, 2029, with no application to tax year 2029 or later, though existing credit carryforwards continue until the five-year period expires.