In Sunday’s Post & Courier (September 30, 2018) Business section in David Slade’s column there was an article entitled, “Tax credits for special-needs students are available this Monday.” This article advises that South Carolina parents of special-needs children who pay private school tuition, may be eligible for a special tax credit. The rush to apply for these tax credits begins at noon on Monday (October 1, 2018).
The Exceptional SC tax credit is worth up to $11,000, or the full cost of 2018-19 school year tuition – whichever is less – for each qualifying student. It’s a refundable tax credit, which means that if it exceeds what a taxpayer owes in state income tax, they get a check for the difference. However, there’s only $2 million available, and it’s first-come, first-served. The form, SC Schedule TC57A, is supposed to be available at the Department of Revenue’s website at noon on Monday, at dor.sc.gov.
The questions on the form call for Social Security numbers, information about tuition payments, costs of caring for the student, and demographic information. Those who submit a properly completed application quickly enough will get a confirmed “reservation” for the refundable income tax credit from the Department of Revenue. When it’s tax time, the form I-361 needs to be filled out to claim the credit.
Click here to find out more about this program.
(image credit: google images)