COLUMBIA, S.C. — If you're a South Carolina homeowner and are remodeling, making your home more energy efficient, or paying casualty insurance, you may qualify for state tax credits.
The South Carolina Department of Revenue says you may qualify if you fall into one of these situations:
1. If you restore a certified historic residential structure in the state, you may be eligible for a credit up to 25% of your restoration expenses if it exceeds $15,000 within 3 years. This credit must be taken over a three-year period.
2. If you recently made your legal residence more resistant to hurricanes, floods, or catastrophic wind damage, you may be able to claim the lesser of the 25% of the costs or a flat payment of $1,000. You can also claim up to $1,500 in Sales and Use Tax on qualifying purchases for tangible personal property.
3. If you pay residential property and casualty insurance premiums that are 5% or more of your adjusted gross income. The credit is limited to $1,250.
4. If you buy a manufactured home that meets or exceeds the energy-saving efficiency requirements, you may be able to get $750 back. This credits requires a certification letter from the South Carolina Energy Office.
5. If you own and installed a solar energy system, small hydropower system, or geothermal machinery and equipment. The system must be used for heating, cooling, or energy demand response purposes. You can get back up to 25% of the cost of purchasing and installing the system, but you cannot get more than $3,500 for each facility or 50% of your tax liability.
If you have a tax preparer to file your return, make sure to ask them about the credit you want to claim.
As a reminder, the tax filing deadline for Individual Income Tax returns is April 18. Filing your return online and choosing direct deposit for your refund is the fastest option.