Tax credit for having identity theft monitoring

By Robin Nazon

Did you know you can get a tax credit for having identity theft monitoring service for you and your family?

House Bill 3710 – Proviso 118.18        

118.18. (SR: Tax Deduction for Consumer Protection Services) (A) In addition to the deductions allowed in Section 12-6-1140 of the 1976 Code, there is allowed a deduction in computing South Carolina taxable income of an individual the actual costs, but not exceeding $300 for an individual taxpayer, and not exceeding $1,000 for a joint return or a return claiming dependents, incurred by a taxpayer in the taxable year to purchase a monthly or annual contract or subscription for identity theft protection and identity theft resolution services.

The deduction allowed by this item may not be claimed by an individual if the individual deducted the same actual costs as a business expense or if the taxpayer is enrolled in the identity theft protection and identity theft resolution services offered free of charge by the State of South Carolina.

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