The South Carolina educational tax credit for exceptional needs children is rather unique. It is a credit that a taxpayer may purchase (via donation) and receive a dollar-for-dollar reduction in South Carolina income tax (up to 60% of the current year tax liability). Furthermore, the donation qualifies for a federal charitable tax deduction. So, this donation provides a profit to taxpayers who can “double dip” utilizing both the state tax credit and the federal deduction.
The catch is that the total amount of credits that South Carolina allows in a given fical year is $12,000,000 on a first-come, first-served basis. As a result, the window to make a donation opens and closes quickly (within days).
This year’s window is now open. If you are interested, navigate to https://www.exceptionalsc.org/donate/ to learn more and to make a donation.