Current Status Bill Number:3872 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19970409 Primary Sponsor:Bowers All Sponsors:Bowers and Mullen Drafted Document Number:dka\4303mm.97 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Income tax credit, tuition and fees paid for college student up to five hundred dollars, Colleges and Universities
Body Date Action Description Com Leg Involved
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House 19970409 Introduced, read first time, 30 HWM
referred to Committee
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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3385 SO AS TO ALLOW A RESIDENT INDIVIDUAL TAXPAYER A TAX CREDIT OF UP TO FIVE HUNDRED DOLLARS A STUDENT FOR TUITION AND FEES PAID TO A PUBLIC OR PRIVATE INSTITUTION OF HIGHER LEARNING IN THIS STATE ON BEHALF OF HIMSELF, HIS SPOUSE, OR HIS DEPENDENTS, AND TO PROVIDE THE CONDITIONS UNDER WHICH THIS TAX CREDIT MAY BE CLAIMED.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 12-6-3385. (A) A resident individual taxpayer is entitled to a tax credit of up to five hundred dollars a student on his State of South Carolina income tax return in any year for the amount of college tuition or fees paid during that year to a public or private institution of higher learning of this State, including technical colleges, on behalf of himself, his spouse, or a dependent he is entitled to claim on his state income tax return.
(B) To claim this credit for a person, the person must be attending the institution on a full-time basis defined as twenty-four credit hours in an academic year not including summer school, must be in one of his first four post-secondary academic years, and must be making satisfactory academic progress toward an undergraduate degree as determined and certified by that institution.
(C) If the amount of tuition and fees paid in any year exceeds five hundred dollars for a student the tax credit to which the taxpayer is entitled to claim for that student is nevertheless limited to five hundred dollars. If a taxpayer claims this tax credit for amounts paid on behalf of any dependent shown on his return, that dependent also may not claim the credit on his return, if any is filed.
(D) The taxpayer is limited to a life-time maximum credit of two thousand dollars for each student."
SECTION 2. This act takes effect July 1, 1997, and applies with respect to tax years beginning after 1996.