South Carolina DOR Issues Pregnancy Resource Tax Credit Guidance

The South Carolina Department of Revenue (DOR) released an information letter providing guidance on the pregnancy resource tax credit for taxpayers making voluntary cash contributions to eligible charitable organizations. The nonrefundable income tax credit is available for tax years beginning after 2024 and is repealed on Dec. 31, 2030. Taxpayers who earn a credit before the repeal date can continue to carry forward any unused credits for the remaining five-year carryforward period, or until the credits are used. The total aggregate allocation limit of the credit is $3.5 million per calendar year, with individual credit limitations of 50 percent of ...