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H4708 • 2026
First-time homebuyers credit
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First-time homebuyers credit
Introduced and read first time ( House Journal-page 62 )
Referred to Committee on Ways and Means ( House Journal-page 62 )
Prefiled
Referred to Committee on Ways and Means
First-time homebuyers credit
2025-2026 Bill 4708: First-time homebuyers credit - South Carolina Legislature Online South Carolina General Assembly 126th Session, 2025-2026 Download This Bill in Microsoft Word Format Indicates Matter Stricken Indicates New Matter H. 4708 STATUS INFORMATION General Bill Sponsors: Reps. Waters and Spann-Wilder Document Path: LC-0361DG26.docx Introduced in the House on January 13, 2026 Currently residing in the House Committee on Ways and Means Summary: First-time homebuyers credit HISTORY OF LEGISLATIVE ACTIONS Date Body Action Description with journal page number 12/16/2025 House Prefiled 12/16/2025 House Referred to Committee on Ways and Means 1/13/2026 House Introduced and read first time ( House Journal-page 62 ) 1/13/2026 House Referred to Committee on Ways and Means ( House Journal-page 62 ) View the latest legislative information at the website VERSIONS OF THIS BILL 12/17/2025 A bill TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY ADDING SECTION 12-6-3830 SO AS TO ALLOW RESIDENT INDIVIDUAL TAXPAYERs A FIRST-TIME HOMEBUYER INCOME TAX CREDIT, AND TO SPECIFY ELIGIBILITY REQUIREMENTS FOR THE CREDIT. B e it enacted by the General Assembly of the State of South Carolina: S ECTION 1. A rticle 25, Chapter 6, Title 12 of the S.C. Code is amended by adding: S ection 12-6-3830 . ( A) A resident individual taxpayer is allowed a first-time homebuyer refundable income tax credit. The credit is equal to one percent of the purchase price of the home, but not to exceed three thousand dollars. The credit must be taken in equal installments over three tax years, beginning with the tax year in which the home is purchased. ( B) To qualify for the credit allowed by this section, the resident individual taxpayer must not have: ( 1) owned a home in any jurisdiction before the qualifying purchase; and ( 2) filed a return, whether individually or jointly, claiming the credit allowed pursuant to this section. ( C) Notwithstanding subsection (B)(1), if the taxpayer meets all the other requirements of this section, the taxpayer is not rendered ineligible for the credit allowed by this section if the taxpayer previously owned a home: ( 1) while as a homemaker, owned a home with his or her spouse or resided in a home owned by the spouse and is displaced at the time of the qualifying purchase; ( 2) while married, owned a home with his or her spouse or resided in a home owned by the spouse and is a single parent at the time of the qualifying purchase; ( 3) that was not permanently affixed to a permanent foundation in accordance with local or other applicable regulations; or ( 4) that was not in compliance with state, local, or model building codes, or other applicable codes, and cannot be brought into compliance with such codes for less than the cost of constructing a permanent structure. ( D) The department shall prescribe the form and manner of proof required to obtain the credit allowed by this section. The department may adopt rules and promulgate regulations necessary to administer the provisions of this section. S ECTION 2. This act takes effect upon approval by the Governor and first applies to qualifying purchases made after 2025. ----XX---- This web page was last updated on January 13, 2026 at 2:43 PM