WHAT EXPENSES?
This sounds a bit ominous:
The proposed legislation, the “Put Parents in Charge” act, would give South Carolina taxpayers a tax credit on taxes paid on income or property up to half the amount currently spent for each student in the public school system. The remaining half will stay with the local school system. The proposal would allow parents to use the tax credits to pay for transfers from one public school district to another, for independent school tuition or for certain home school expenses.
Would SC home educators have to justify their program in order to qualify for the tax break?
UPDATE: Here’s more (from Kimberly Swygert’s home paper).
Gov. Mark Sanford on Thursday will discuss details of his proposal to give an education tax credit for families to use toward private education, home schooling or the cost of transferring a child to another school district.
The credits offered on property or income taxes would be up to $4,100 per year and apply to any family making less than $75,000 a year.
I hope the legislation phases out above $75,000, instead of dropping off a cliff. Otherwise, a homeschooling family with two kids earning just above the cutoff would face a marginal tax rate of up to 820,000 percent.
UPDATE: I fixed the math error above. It originally read 82,000. My bad.
One Response to “WHAT EXPENSES?”
 Comment by Eric Holcombe February 26th, 2004 at 4:08 pm |
I’d say a Coverdell account would still win out. It is always amazing that the homeschoolers would have to account for every penny of the funds they receive back – not so for the state. |