Income Tax Credits

There are two income tax credits available for individuals that complete fortification measures or retrofits on their homes.  
 
Credit for Retrofit Costs
The first income tax credit is for costs to retrofit a taxpayer’s legal residence to make it more resistant to loss due to a hurricane, a catastrophic windstorm event, or rising floodwaters. The residence must be the taxpayer's legal residence for property tax purposes. The fortification measures or retrofits must increase the structural resistance to hurricane, catastrophic windstorm event, or rising floodwater damage. The fortification measures or retrofits must qualify under and be completed in accordance with Department of Insurance Regulation 69-75. Applicable costs do not include ordinary repair or replacement of existing items. The allowed credit amount for any taxable year must not exceed the lesser of:
  • 25% of the cost incurred
  • $1,000

This credit is found in S.C. Code Section 12-6-3660.
 
Credit for State Sales or Use Taxes Paid
The second income tax credit is for state sales or use taxes paid on purchases of tangible personal property used to retrofit the individual's legal residence. This credit is 6% of the purchase price of tangible personal property for which the individual may claim the income tax credit in S.C. Code Section 12-6-3660. The maximum credit allowed is $1,500. This credit is found in S.C. Code Section 12-6-3665.