Family income cannot exceed 150% of the amount required to qualify for the free or reduced-price (FRL) lunch program ($69,652 for a family of four in 2018)
A renewing student remains eligible for three years, or if the student is entering high school, until high school graduation, regardless of household income; after initial period of income eligibility, a student remains eligible if family income does not exceed 200% of the amount required to qualify for FRL ($92,870 for a family of four in 2018)
Student must have received a scholarship under the Partners in Education Tax Credit Program the preceding semester, attended public school the preceding semester, be attending school in South Dakota for the first time or be entering kindergarten, 1st grade or 9th grade
Annually collect written documentation from qualifying schools that verify the school is accredited by the South Dakota Department of Education
Ensure that at least 90% of tax credit revenue is spent on scholarships
Carry forward no more than 25% of its revenue from contributions to the following fiscal year
Ensure that the average value of all scholarships awarded is worth up to 82.5% of the state’s share of the per-pupil allocation
Conduct background checks on all employees and board members
Ensure that scholarships are portable during the school year
Report to the state:
The name and address of each contributing company
The total number and total dollar amount of contributions received from each company
The total number and total dollar amount of scholarships awarded to eligible students, including the total number and dollar amount of scholarships awarded to low-income students and the percentage of first-time recipients of scholarships who were enrolled in public school in the prior school year
Financial audit performed by certified public accountant