Georgia Private School Tax Credit
DUE
TO SOME CHANGES IN THE DONATION PROCESS, WE ASK THAT YOU FOLLOW THE
SIMPLE DIRECTIONS BELOW. THANK YOU FOR YOUR DONATION AND YOUR SUPPORT
OF OUR CHILDREN AND OUR SCHOOL.
Please find below the information
and resources to better explain the tax credit and your options for
donating. You can go to the donation page to begin the process.
How to Donate?
To learn more about the Apogee Georgia School Choice Scholarship Fund, please visit www.apogeescholarships.org.
After
clicking on the link above, please click on REDUCE YOUR TAX BILL
SUPPORT EDUCATION for the forms necessary to donate to our school.
What is the Qualified Education Expense Credit?
This
tax credit was passed into law in July, 2008. GCA is excited about the
law as it has financial benefits both for you and GCA. The state has set
aside $50 million in available credits each year, distributed on a
first come first served basis.
How can this tax credit benefit both GCA and myself?
Under
the new law, you can redirect a portion of your Georgia income tax
liability to provide scholarship assistance to incoming GCA students
that are currently enrolled in public school. You will receive a tax
credit on your state income taxes and a charitable contribution
deduction on your federal incomes taxes for the amount donated. For
married couples filing jointly, the maximum tax credit-eligible
contribution is $2,500 ($1,000 as an individual).
How it works?
We
have partnered with Apogee Georgia School Choice Scholarship Fund, a
state approved Student Scholarship Organization (SSO), to enable the GCA
community to take advantage of this program. With a donation to the
Apogee Georgia School Choice Scholarship fund, a Georgia state income
tax credit is available to you for the tax year the donation is made.
Your donation can be used as a charitable contribution deduction on your
Federal tax return.
Tax Credit Amounts by Filing Status
For Individual
A single individual or head of household will receive a credit against
their Georgia income tax liability in an amount equal to the actual
amount expended or $1,000 per tax year, whichever is less.
Electronic filing of state individual income tax return will not be available for taxpayers claiming this credit.
Married Filing Jointly The amount of the tax credit is equal to the actual amount expended or $2,500 per tax year, whichever is less.
Electronic filing of state individual income tax return will not be available for taxpayers claiming this credit.
Corporate Donor
State income tax credit limit up to 75% of the corporation's income
tax liability or the actual amount donated, whichever is less.
Option to NAME a dedicated scholarship fund in company's name.
Who qualifies for the scholarship?
A
Georgia resident enrolled in secondary or primary public school or
eligible to enroll in a qualified kindergarten program or
pre-kindergarten program.
For additional questions or assistance, please contact GCA or John Panessa (404.419.7123) @ Apogee.
