South Carolina Tuition Tax Credits

changelog_entry.yaml

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+- bump: minor
+  changes:
+    added:
+    - South Carolina Tuition Tax Credit.

policyengine_us/parameters/gov/states/sc/tax/income/credits/college_tuition/annual_hour_requirement.yaml

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+description: South Carolina requires these annual credit hours to qualify for the tuition tax credit.
+values: 
+  2021-01-01: 30
+
+metadata:
+  unit: hour
+  period: year
+  label: South Carolina tuition tax credit annual credit hour requirement
+  reference: 
+  - title: SC I-319 2021
+    href: https://dor.sc.gov/forms-site/Forms/I319_2021.pdf#page=2
+  - title: South Carolina Legal Code | SECTION 12-6-3385 (B)(3)(b)
+    href: https://www.scstatehouse.gov/code/t12c006.php
+  - title: SC I-319 2022
+    href: https://dor.sc.gov/forms-site/Forms/I319_2022.pdf#page=2

policyengine_us/parameters/gov/states/sc/tax/income/credits/college_tuition/max_amount/credit.yaml

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+description: South Carolina limits the tuition tax credit to this amount.
+values: 
+  2021-01-01: 1_500
+
+metadata:
+  unit: currency-USD
+  period: year
+  label: South Carolina tuition tax credit max amount
+  reference: 
+  - title: SC I-319 2021
+    href: https://dor.sc.gov/forms-site/Forms/I319_2021.pdf#page=2
+  - title: South Carolina Legal Code | Section 12-6-3385 (A)(1)(a)
+    href: https://www.scstatehouse.gov/code/t12c006.php
+  - title: SC I-319 2022
+    href: https://dor.sc.gov/forms-site/Forms/I319_2022.pdf#page=2

policyengine_us/parameters/gov/states/sc/tax/income/credits/college_tuition/max_amount/tuition.yaml

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+description: South Carolina limits the qualifying tuition of 4-Year Independent Institutions per school-year to this amount.
+values: 
+  2021-01-01: 12_268
+
+metadata:
+  unit: currency-USD
+  period: year
+  label: South Carolina tuition tax credit eligible tuition max amount 
+  reference: 
+  - title: SC I-319 2021
+    href: https://dor.sc.gov/forms-site/Forms/I319_2021.pdf#page=2
+  # Not in Legal code but in tax forms
+  - title: SC I-319 2022
+    href: https://dor.sc.gov/forms-site/Forms/I319_2022.pdf#page=2

policyengine_us/parameters/gov/states/sc/tax/income/credits/college_tuition/rate.yaml

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+description: South Carolina credits this percentage of college tuition under the tuition tax credit.
+values: 
+  2021-01-01: 0.5
+
+metadata:
+  unit: /1
+  period: year
+  label: South Carolina college tuition credit rate
+  reference: 
+  - title: SC I-319 2021
+    href: https://dor.sc.gov/forms-site/Forms/I319_2021.pdf#page=2
+  - title: South Carolina Legal Code | Section 12-6-3385 (A)(1)(a)
+    href: https://www.scstatehouse.gov/code/t12c006.php
+  - title: SC I-319 2022
+    href: https://dor.sc.gov/forms-site/Forms/I319_2022.pdf#page=2

policyengine_us/tests/policy/baseline/gov/states/sc/tax/income/credits/college_tuition/sc_tuition_credit.yaml

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+- name: $6k tuition, 15 semester hours
+  period: 2022
+  input:
+    state_code: SC
+    total_college_hours: 15
+    qualified_tuition_expenses: 6_000
+  output:
+    sc_tuition_credit: 1500
+    # 12,268*15/30 = 6,134 6,000*0.5 = 3,000 
+
+- name: $2k tuition, 12 semester hours
+  period: 2022
+  input:
+    state_code: SC
+    total_college_hours: 30
+    qualified_tuition_expenses: 2_000
+  output:
+    sc_tuition_credit: 1_000
+    # 12,268*12/30 = 4,907 2,000*0.5 = 1000
+
+- name: $15k tuition, 30 semester hours
+  period: 2022
+  input:
+    state_code: SC
+    total_college_hours: 30
+    qualified_tuition_expenses: 15_000
+  output:
+    sc_tuition_credit: 1500
+    # 12,268*30/30 = 12,268 12,268*0.5 = 6,134 

policyengine_us/variables/gov/states/sc/tax/income/credits/college_tuition/sc_tuition_credit.py

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+from policyengine_us.model_api import *
+
+
+class sc_tuition_credit(Variable):
+    value_type = float
+    entity = Person
+    label = "South Carolina Tuition Credit"
+    defined_for = StateCode.SC
+    unit = USD
+    definition_period = YEAR
+    reference: "https://dor.sc.gov/forms-site/Forms/I319_2021.pdf#page=2"
+
+    def formula(person, period, parameters):
+        p = parameters(period).gov.states.sc.tax.income.credits.college_tuition
+
+        # line 1
+        total_hours = person("total_college_hours", period)
+        # line 2
+        qualified_tuition_expenses = person(
+            "qualified_tuition_expenses", period
+        )
+        # line 3
+        annual_hour_requirement = p.annual_hour_requirement
+        tuition_limit = (
+            p.max_amount.tuition * total_hours / annual_hour_requirement
+        )
+        # line 7 (lesser of line 2 or 3 and multiply by rate)
+        uncapped_credit = (
+            min_(qualified_tuition_expenses, tuition_limit) * p.rate
+        )
+
+        # compare line 7 with credit max amount, take lesser amount
+        return min_(uncapped_credit, p.max_amount.credit)

policyengine_us/variables/household/demographic/person/total_college_hours.py

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+from policyengine_us.model_api import *
+
+
+class total_college_hours(Variable):
+    value_type = float
+    entity = Person
+    label = "Total annual hours of college attended"
+    unit = "hour"
+    definition_period = YEAR