To help ease the financial burden for South Carolina college students and their families, the South Carolina General Assembly has created an income tax credit for tuition paid to South Carolina colleges and universities.
Who can claim the credit?
The student, parents, guardian or whomever actually pays the tuition and claims the student as a dependent on their tax return may claim the credit. If the parent and student split the cost of the tuition, they also may split the credit on the tax return. However, the combined credit claimed by the parent and student may not exceed the maximum amount of the credit. Parents or guardians with more than one student in college may claim a credit for each qualifying student.
Who qualifies for the credit?
The student must have:
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Received a high school diploma from: a SC high school, home school program in SC, a preperatory high school outside SC while a dependent of a parent/guardian who is a legal SC resident.
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Received diploma during or after May 2021
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Enrolled in a qualifying College or University within 12 months after graduating high school
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Qualified for in-state tuition during the tax year
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Admitted, enrolled, and classified as a degree seeking undergraduate or enrolled in a certificate or diploma program of at least one year
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Completed at least 30 credit hours or 30 equivalent hours in the tax year
The student must not:
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Claim credit hours earned after 4 years from the date the student first enrolled in a qualifying college or university
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Be in default on a student loan
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Receive a LIFE or Palmetto Fellows Scholarship for all semesters attended.
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Have been found guilty of any felonies
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Have been found guilty of any alcohol or drug related misdemeanors during the year
For more information, see Instructions for I-319