SCENIC RIVERS CREDIT: For taxpayers donating certain lands adjacent to designated rivers or sections of a river. (TC-5)
A landowner who donates a perpetual easement to the state of South Carolina under the Scenic Rivers Program (Title 49, Chapter 29) is eligible for a state Income Tax credit. The credit is equal to the fair market value of the easement granted, which is the difference between the fair market value of the property before the easement and the fair market value of the property after the easement. Land subject to a permanent easement becomes exempt from all Property Taxes. A donor of land in fee simple is eligible for a state Income Tax credit equal to the value of the fee donated. For both types of donations, the donor may choose to take the deduction during any one year in the five-year period following the donation, or in proportionate amounts during the five-year period. The value of the fee or easement must be assessed at the time of the donation.