On Saturday the budget proviso creating the exceptional needs program was passed through conference committee. It permitted a total of $8M in tax credits for this program. We are now waiting for Governor Haley to sign this into law. Unlike last year, this credit is expected to go quickly. Credits are awarded on a first-come, first-served basis. We expect most of this to occur on July 1 or July 2nd. Credit will work just like last year so only can take up to 60% of your SC liability.
As soon as the window opens up, you will need to send in the TC-57A form (They are stating that this form could be updated so check the website) to the DOR requesting the tax credit. Email (from last year’s form) is: email@example.com.
We also want to address that there are numerous agencies that sponsor the exceptional needs program. We encourage you to read about all of the agencies and determine the one that fits your beliefs and that produces the greatest impact in the community. The credit works the same for all of them – you just have to tell SCDOR which program you want to sponsor. Below are the agencies we know about and a link to their websites.
St Thomas Aquinas (Catholic based organization but 82% of its recipients are non-Catholic, public school children): http://stasfo.org/
Palmetto Kids First (general program): https://palmettokidsfirst.org/
Advance Carolina (SC Christian School Association): http://advancecarolina.com/
D.E.S.K (general program): http://www.scdesk.org/
Lastly, we have heard that there has been allotted $4M for a credit for individuals whose children are enrolled in special needs programs. This credit is $10K per student and the requirement is that you have had to pay at least that in tuition for the tax year for a special needs child.