Following are links to several South Carolina tax provisions relating to disaster preparedness.  This is not necessarily an exhaustive list and you should always check with your tax professional on your specific situation.

SC Residential Retrofit Tax Credit

For tax years beginning after December 31, 2006, an individual taxpayer is allowed an individual income tax credit for costs incurred to retrofit a structure qualifying as the taxpayer's legal residence to make it more resistant to loss due to hurricane, rising floodwater or other catastrophic windstorm event. Also, an individual taxpayer is allowed a credit for SC sales taxes on purchases that qualify for the retrofit credit.   Please click here for the SC Residential Retrofit Tax Credit Form and related information from the South Carolina Department of Revenue.  Be sure to check with your tax advisor about the potential applicability of this provision to your situation.

SC Excess Insuranced Premium Tax Credit

For tax years beginning after December 31, 2006, an income tax credit is available for an individual's property and casualty insurance premiums for his/her primary residence paid during the tax year in excess of 5% of the taxpayer's adjusted gross income.  Please click here for the SC Excess Insurance Premium Tax Credit Form and related information from the South Carolina Department of Revenue.  Be sure to check with your tax advisor about the potential applicability of this provision to your situation.

SC Catastrophic Savings Accounts

The Omnibus Coastal Property Insurance Reform Act of 2007 allows individual taxpayers to set up Catastrophe Savings Accounts, state income tax free, to pay for insurance deductibles or other uninsured costs associated with a hurricane, flooding or windstorm event.  Depending on the amount of the deductible, up to $15,000 can be contributed or, if the taxpayer self insures, up to $250,000 up to the value of the house can be contributed.  Please click here to view frequently asked questions about the Catastrophe Savings Accounts provided by the South Carolina Department of Insurance.  Again, be sure to check with your tax advisor about the potential applicability of this provision to your situation.