South Carolina Code 12-6-3670. Credit for excess premium paid for property and casualty insurance
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(A) An individual taxpayer may claim a credit against the income tax imposed pursuant to § 12-6-510 for excess premium paid during the applicable tax year for property and casualty insurance, as defined in Articles 1, 3, and 5 of Chapter 75 of Title 38, providing coverage on the taxpayer’s legal residence pursuant to § 12-43-220(c).
(B) For the purposes of computing the credit allowed by this section, excess premium paid is the amount by which the premium paid exceeds five percent of the taxpayer’s adjusted gross income.
Terms Used In South Carolina Code 12-6-3670
- individual: means a human being. See South Carolina Code 12-2-20
- Taxpayer: includes an individual, trust, estate, partnership, association, company, corporation, or any other entity subject to the tax imposed by this chapter or required to file a return. See South Carolina Code 12-6-30
(C)(1) The credit allowed pursuant to this section for any taxable year may not exceed one thousand two hundred fifty dollars.
(2) If the credit allowed under this section exceeds the state income tax liability for the taxable year, any unused credit may be carried forward for five succeeding taxable years.