Private school bill advances in Senate

COLUMBIA — The Senate Finance Committee has advanced a bill giving tax breaks to South Carolina parents who send their children to private school or educate them at home.

However, Tuesday’s voice vote did not signify approval, as the panel sent the bill to the floor without a recommendation. Sen. John Matthews said he will put an objection on the bill, blocking debate in the session’s final two weeks.

A Senate subcommittee made a similar move three weeks ago. It voted against the bill 3-2 but decided to advance it anyway for further discussion.

The bill gives a $4,000 tax deduction per child for parents who pay tuition upfront and a $2,000 deduction for homeschooling expenses. Poor and disabled children could get scholarships for up to 75 percent of tuition cost.

Also sent to the Senate on Tuesday:

• A bill designed to encourage millionaires to invest in fledgling small businesses. These “angel investors” would be able to claim up to 35 percent of their investment as a credit on state income taxes. Nearly two-dozen states already give such tax credits.

• The Abandoned Buildings Revitalization Act, which would give state income tax credits to businesses investing $500,000 or more in a building vacated for at least five years.

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Mon, 12/05/2016 - 22:47

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