South Carolina 2025-2026 Regular Session Status: In Committee

S 250 — Long-term Care Tax Credit Act

Last action — Referred to Committee on Finance

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill is in committee in the Senate. Introduced January 21, 2025. It must pass committee before a floor vote.

Next likely step: a committee vote, then a floor vote in the Senate.

Prognosis

Stalled 14% · moderate confidence

Where this bill stands today.

Odds of enactment

Low

How often bills like it became law.

  • In Committee

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

In plain language

The bill allows a tax credit for long-term care insurance premiums in South Carolina.

The Long-term Care Tax Credit Act permits individuals to claim a state income tax credit equal to 15% of long-term care insurance premiums, up to $2,000 per person per year. This tax credit is limited to those who do not deduct or exclude the premium payments from their income.

What this means for you
  • Families: Families paying for long-term care insurance can benefit from a tax credit to reduce their tax burden.

Summary

A BILL TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY ENACTING THE "LONG-TERM CARE TAX CREDIT ACT" BY ADDING SECTION 12-6-3395 SO AS TO ALLOW A STATE INDIVIDUAL INCOME TAX CREDIT OF FIFTEEN PERCENT OF THE TOTAL AMOUNT OF PREMIUMS PAID BY A TAXPAYER PURSUANT TO A LONG-TERM CARE INSURANCE CONTRACT, NOT TO EXCEED TWO THOUSAND DOLLARS IN A TAXABLE YEAR FOR EACH INDIVIDUAL, AND TO PROHIBIT A DOUBLE BENEFIT.

Bill Text

What changed in the latest version

46 added · 57 removed

46 line(s) added, 57 removed.

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2025-2026 Bill 250 Text of Previous Version (Jan.
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21, 2025) - South Carolina Legislature Online South Carolina General Assembly126th Session, 2025-2026Bill 250Indicates Matter StrickenIndicates New Matter(Text matches printed bills.
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Document has been reformatted to meet World Wide Web specifications.)                 A bill   TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY ENACTING THE "LONG-TERM CARE TAX CREDIT ACT" BY ADDING SECTION 12-6-3395 SO AS TO ALLOW A STATE INDIVIDUAL INCOME TAX CREDIT OF FIFTEEN PERCENT OF THE TOTAL AMOUNT OF PREMIUMS PAID BY A TAXPAYER PURSUANT TO A LONG-TERM CARE INSURANCE CONTRACT, NOT TO EXCEED TWO THOUSAND DOLLARS IN A TAXABLE YEAR FOR EACH INDIVIDUAL, AND TO PROHIBIT A DOUBLE BENEFIT.
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  Be it enacted by the General Assembly of the State of South Carolina:
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  SECTION 1.  This act may be cited as the "Long-Term Care Tax Credit Act."   SECTION 2.  Article 25, Chapter 6, Title 12 of the S.C.
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Code is amended by adding:
      Section 12-6-3395.
(A) An individual taxpayer may claim as a credit against the income tax imposed by this chapter an amount equal to fifteen percent of the premium costs the individual paid during the taxable year on a qualified contract for long-term care insurance, as defined in Section 38-72-40(1), that offers coverage to the individual, his spouse, or a dependent for whom he was allowed to deduct a personal exemption on his federal individual income tax return for the taxable year.
The credit allowed by this section may not exceed two thousand dollars for each qualifying individual covered by one or more qualified long-term care insurance contracts for which a credit is claimed.
The credit may not exceed the amount of tax imposed by this chapter for the taxable year reduced by the sum of all credits allowed, except payments of tax made by or on behalf of the taxpayer.
A nonresident who claims the credit allowed by this section shall reduce the amount of the credit in the same manner as nonresident individuals reduce personal exemptions and the applicable standard deduction or itemized deductions pursuant to Section 12-6-1720(2).
    (B) A credit is not allowed for payments that are deducted or excluded from the taxpayer's income for the taxable year, whether the deduction or exclusion was due to a South Carolina modification pursuant to Article 9 of this chapter or was due to an exclusion or deduction that resulted in a reduction of the taxpayer's federal taxable income.
    (C) A taxpayer who claims the credit allowed by this section shall provide information required by the department to demonstrate that the amount paid for premiums for which the credit is claimed was not excluded from the taxpayer's gross income for the taxable year.
  SECTION 3.  This act takes effect upon approval by the Governor and is effective for taxable years beginning after 2024.
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How this bill changes current law

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AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill establishes a new individual income tax credit for long-term care insurance premiums in South Carolina.

  • Section 12-6-3395

    An individual taxpayer may claim as a credit against the income tax imposed by this chapter an amount equal to fifteen percent of the premium costs the individual paid during the taxable year on a qualified contract for long-term care insurance, as defined in Section 38-72-40(1), that offers coverage to the individual, his spouse, or a dependent for whom he was allowed to deduct a personal exemption on his federal individual income tax return for the taxable year.

    This section allows individuals to claim a tax credit based on long-term care insurance premiums.

  • Section 12-6-3395

    The credit allowed by this section may not exceed two thousand dollars for each qualifying individual covered by one or more qualified long-term care insurance contracts for which a credit is claimed.

    This establishes a cap of $2,000 on the credit per qualifying individual.

  • Section 12-6-3395

    The credit may not exceed the amount of tax imposed by this chapter for the taxable year reduced by the sum of all credits allowed, except payments of tax made by or on behalf of the taxpayer.

    This ensures that the credit does not exceed the taxpayer's tax liability.

  • Section 12-6-3395

    A nonresident who claims the credit allowed by this section shall reduce the amount of the credit in the same manner as nonresident individuals reduce personal exemptions and the applicable standard deduction or itemized deductions pursuant to Section 12-6-1720(2).

    This adjusts the credit for nonresidents proportionally.

  • Section 12-6-3395

    A credit is not allowed for payments that are deducted or excluded from the taxpayer's income for the taxable year, whether the deduction or exclusion was due to a South Carolina modification pursuant to Article 9 of this chapter or was due to an exclusion or deduction that resulted in a reduction of the taxpayer's federal taxable income.

    This prevents taxpayers from receiving the credit for amounts that are already deducted from their income.

  • Section 12-6-3395

    A taxpayer who claims the credit allowed by this section shall provide information required by the department to demonstrate that the amount paid for premiums for which the credit is claimed was not excluded from the taxpayer's gross income for the taxable year.

    This requires documentation to verify eligibility for the credit.

Action History

  1. Referred to Committee on Finance

  2. Introduced and read first time

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 169 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (169)

169 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation health-insurance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does S 250 do?
A BILL TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY ENACTING THE "LONG-TERM CARE TAX CREDIT ACT" BY ADDING SECTION 12-6-3395 SO AS TO ALLOW A STATE INDIVIDUAL INCOME TAX CREDIT OF FIFTEEN PERCENT OF THE TOTAL AMOUNT OF PREMIUMS PAID BY A TAXPAYER PURSUANT TO A LONG-TERM CARE INSURANCE CONTRACT, NOT TO EXCEED TWO THOUSAND DOLLARS IN A TAXABLE YEAR FOR EACH INDIVIDUAL, AND TO PROHIBIT A DOUBLE BENEFIT.
Who sponsors S 250?
S 250 is sponsored by Senator George E. "Chip" Campsen III.
What is the current status of S 250?
This bill is in committee in the Senate. Introduced January 21, 2025. It must pass committee before a floor vote.
Where can I track S 250?
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Last checked for changes 2 months ago · updated continuously

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