The bill H. 3540 proposes to amend the South Carolina Code of Laws by adding Section 12-6-3690, which establishes an income tax credit for taxpayers who operate school-to-work programs that connect students and schools with the workplace. To qualify for this credit, the program must adhere to the guidelines set forth in the School to Work Opportunities Act of 1994. The credit becomes available after a student has participated in the program for one year and is calculated as one-half of the amount that the taxpayer could claim under Section 12-6-3360(C)(1) if each participating student were treated as a qualifying new full-time employee.

This act will take effect upon approval by the Governor and will first apply to tax years beginning after 2024. The introduction of this tax credit aims to incentivize the development of school-to-work programs, thereby enhancing the connection between education and employment opportunities for students in South Carolina.

Statutes affected:
12/05/2024: 12-6-3690
Latest Version: 12-6-3690