A home insurance tax credit is available for South Carolina residents. This could be a huge help to those who will be impacted by the National Flood Insurance hikes.

Daniel Slade at the Post and Courier explains how this works, “Here’s how the tax credit works: If the cost of insuring your primary residence exceeds 5 percent of your adjusted gross income, the state will pay you the difference, up to $1,250, as a tax credit.”

It is very important to note this is NOT a refundable tax credit. If you owe the state it will deduct the tax credit from what you owe. If you have any remaining, it will be available for up to 5 years after.

The home insurance tax credit will be very important to those living on the Charleston Peninsula as well as the coast. There is a special form that does need to be filled out with your taxes in order to receive this.

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