H 4708 — First-time homebuyers credit

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17, 2025) - South Carolina Legislature Online South Carolina General Assembly126th Session, 2025-2026Bill 4708Indicates Matter StrickenIndicates New Matter(Text matches printed bills.

Document has been reformatted to meet World Wide Web specifications.)                 A bill   TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY ADDING SECTION 12-6-3830 SO AS TO ALLOW RESIDENT INDIVIDUAL TAXPAYERs A FIRST-TIME HOMEBUYER INCOME TAX CREDIT, AND TO SPECIFY ELIGIBILITY REQUIREMENTS FOR THE CREDIT.

  Be it enacted by the General Assembly of the State of South Carolina:

  SECTION 1.  Article 25, Chapter 6, Title 12 of the S.C.

Code is amended by adding:

      Section 12-6-3830.

(A) A resident individual taxpayer is allowed a first-time homebuyer refundable income tax credit.

The credit is equal to one percent of the purchase price of the home, but not to exceed three thousand dollars.

The credit must be taken in equal installments over three tax years, beginning with the tax year in which the home is purchased.

    (B) To qualify for the credit allowed by this section, the resident individual taxpayer must not have:

       (1) owned a home in any jurisdiction before the qualifying purchase;

and        (2) filed a return, whether individually or jointly, claiming the credit allowed pursuant to this section.

    (C) Notwithstanding subsection (B)(1), if the taxpayer meets all the other requirements of this section, the taxpayer is not rendered ineligible for the credit allowed by this section if the taxpayer previously owned a home:

       (1) while as a homemaker, owned a home with his or her spouse or resided in a home owned by the spouse and is displaced at the time of the qualifying purchase;

       (2) while married, owned a home with his or her spouse or resided in a home owned by the spouse and is a single parent at the time of the qualifying purchase;

       (3) that was not permanently affixed to a permanent foundation in accordance with local or other applicable regulations;

or        (4) that was not in compliance with state, local, or model building codes, or other applicable codes, and cannot be brought into compliance with such codes for less than the cost of constructing a permanent structure.

    (D) The department shall prescribe the form and manner of proof required to obtain the credit allowed by this section.

The department may adopt rules and promulgate regulations necessary to administer the provisions of this section.

  SECTION 2.  This act takes effect upon approval by the Governor and first applies to qualifying purchases made after 2025.

  ----XX---- This web page was last updated on December 17, 2025 at 01:20 PM