South Carolina Creates Pregnancy Care Income Tax Credit

The South Carolina Governor signed a law that includes: 1) creating an income tax credit for taxpayers making cash contributions to certain eligible charitable organizations; 2) providing that the credit amount claimed by a taxpayer is limited to 50 percent of the taxpayer’s total tax liability for the tax year; 3) limiting the aggregate credit amount in a calendar year to $3.5 million; 4) providing carry forward of unused credits for five consecutive years from the close of the tax year in which the credits were earned; and 5) providing that the credit is repealed on Dec. 31, 2030, except ...