Yes, ITALICS is a Scrabble word!

Letter values in Scrabble US: I 1, T 1, A 1, L 1, I 1, C 3, S 1.

Is it a valid word?

ITALICS is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

a style of handwriting with the letters slanting to the right
a branch of the Indo-European languages of which Latin is the chief representative
a typeface with letters slanting upward to the right

Also: italic language.