South Carolina DOR Issues Information on Nonrefundable Income, Property Tax Credits for Homeowners

The South Carolina Department of Revenue Feb. 14 issued information on nonrefundable tax credits for homeowners. The School Operating Cost Exemption and the Homestead Exemption provide property tax relief for qualified homeowners. For individual income tax relief, homeowners can claim: 1) the Certified Historic Residential Structure Credit; 2) the Residential Retrofit Credit; 3) the Excess Insurance Premium Credit; 4) the Energy Efficient Manufactured Home Credit; and 5) the Solar Energy, Small Hydropower System, or Geothermal Machinery and Equipment Credit. The information provides that tax credits related to home ownership are nonrefundable and can’t reduce taxpayers’ liability below zero. Individual income ...