IRS Announces Health Savings Account LimitsJuly 24, 2019
NewsSeptember 11, 2019
As the September 15th quarterly tax deadline approaches, the IRS has cleared the way for South Carolina businesses to support exceptional needs educational scholarships, claim a state tax credit and receive a federal tax deduction.
Every year, the Exceptional SC Scholarship Program (§12-6-3790) funds thousands of scholarships that allow exceptional needs students across the state to attend schools that best fit their learning needs. Recognizing the value of these scholarships, the General Assembly adjusted the state tax law and allowed every business that pays taxes to the State of South Carolina to:
- make a 501(c)(3) contribution to Exceptional SC to fund exceptional needs scholarships,
- receive a dollar-for-dollar state tax credit for any and all South Carolina taxes that the business normally pays – up to 60% of their state tax liability,
- AND take a federal deduction on that contribution!