South Carolina DOR Issues Information on Parental Refundable Tax Credit for Income Taxpayers

The South Carolina Department of Revenue (DOR) Dec. 1 issued information on the Parental Refundable Tax Credit provided through the Exceptional Needs Children’s Fund, for individual income and corporate income tax purposes. The 2023 application for the credit begins Feb. 2, 2024, at 8:30 a.m., offering a maximum credit of $11,000 per qualifying student, applicable to tuition or actual expenses, minus any scholarship received. The DOR provides that: 1) taxpayers must file Form I-361 to claim the tentatively approved credit during their tax return filing; and 2) the credit cap of $2 million per tax year may increase by up ...