South Carolina 2025-2026 Regular Session Status: In Committee

S 260 — Excess Insurance Premium Tax Credit

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 23, 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.

Summary

A BILL TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-6-3670, RELATING TO THE CREDIT FOR EXCESS PREMIUM PAID FOR PROPERTY AND CASUALTY INSURANCE, SO AS TO RAISE THE MAXIMUM AMOUNT OF THE CREDIT ALLOWED FOR A TAX YEAR FROM ONE THOUSAND TWO HUNDRED FIFTY DOLLARS TO TWO THOUSAND DOLLARS.

Bill Text

What changed in the latest version

35 added · 1 removed

35 line(s) added, 1 removed.

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2025-2026 Bill 260 Text of Previous Version (Jan.
23, 2025) - South Carolina Legislature Online South Carolina General Assembly126th Session, 2025-2026Bill 260Indicates 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 AMENDING SECTION 12-6-3670, RELATING TO THE CREDIT FOR EXCESS PREMIUM PAID FOR PROPERTY AND CASUALTY INSURANCE, SO AS TO RAISE THE MAXIMUM AMOUNT OF THE CREDIT ALLOWED FOR A TAX YEAR FROM ONE THOUSAND TWO HUNDRED FIFTY DOLLARS TO TWO THOUSAND DOLLARS.
  Be it enacted by the General Assembly of the State of South Carolina:
  SECTION 1.  Section 12-6-3670 of the S.C.
Code is amended to read:
      Section 12-6-3670.
(A) An individual taxpayer may claim a credit against the income tax imposed pursuant to Section 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, Title 38, providing coverage on the taxpayer's legal residence pursuant to Section 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.
    (C)(1) The credit allowed pursuant to this section for any taxable year may not exceed one thousand two hundred fifty dollarstwo thousand 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.
  SECTION 2.  This act takes effect upon approval by the Governor and is applicable to all taxable years beginning after December 31, 2025.
----XX---- This web page was last updated on January 23, 2025 at 11:26 AM
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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.

Show all 169 →

"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 finance
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 260 do?
A BILL TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-6-3670, RELATING TO THE CREDIT FOR EXCESS PREMIUM PAID FOR PROPERTY AND CASUALTY INSURANCE, SO AS TO RAISE THE MAXIMUM AMOUNT OF THE CREDIT ALLOWED FOR A TAX YEAR FROM ONE THOUSAND TWO HUNDRED FIFTY DOLLARS TO TWO THOUSAND DOLLARS.
Who sponsors S 260?
S 260 is sponsored by Senator George E. "Chip" Campsen III.
What is the current status of S 260?
This bill is in committee in the Senate. Introduced January 23, 2025. It must pass committee before a floor vote.
Where can I track S 260?
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