In 2008, the Qualified Education Expense Tax Credit law was passed by the Georgia General Assembly, allowing up to $50 million dollars per year in state taxes to be allocated to private education through Student Scholarship Organizations (SSOs). By applying for this credit and making a donation to our partner, the Georgia GOAL Scholarship Program, a state approved SSO, you will be diverting your state tax dollars directly to ACCA. These funds can then be used to provide scholarships to students who are eligible to enroll in pre-K, Kindergarten, or First Grade or who are transferring from a Georgia public school.
How this helps you, the school, and the children.
You are already paying income taxes to the state. Why not redirect some of those taxes to provide Georgia children with a Christian education? When you redirect your Georgia income taxes to GOAL, you can designate that the contribution be used to provide scholarships at ACCA. Thus, ACCA is able to:
increase the financial aid that it can offer new students,
increase school enrollment, and
increase the funds available to improve educational offerings.
In addition to receiving the full amount back as a state tax credit, your contribution may also be utilized as a 501(c)3 charitable contribution deduction on your federal income tax return.
What is the maximum amount I can contribute?
Single individual or head of household - $1,000;
Married couple filing joint return - $2,500;
Married couple filing separate return- $1,250;
C Corporation - 75% percent of Georgia income tax liability; or
S Corporation shareholder, LLC member, or partnership partner – pro-rata ownership share of the pass-through entity’s contribution, not to exceed limitations on individuals and married couples.
How do I redirect my Georgia income taxes to ACCA?
Please send the following items directly to ACCA by November 1, 2011:
Page 2 of Form IT-QEE-TP1 pre-approval form, signed by you at Part C (ACCA will complete the form for you and submit it to the Georgia Department of Revenue)
A check made payable to “Georgia GOAL Scholarship Program, Inc.” in the amount of your contribution (this check will be deposited only when GOAL receives your Approval Letter from the DOR), or a GOAL Credit Card Donation Form.
GOAL will send you the required paperwork to claim the credit with your taxes.
Georgians have been given a rare opportunity—the ability to decide how to spend income tax dollars that they otherwise would pay to the government. Since 2008, more than 11,000 taxpayers have redirected some of their Georgia income taxes to the Georgia GOAL Scholarship Program. As a result of their generosity, $28 million has been obligated for the provision of GOAL Scholarships to deserving students.
Time is of the essence! It is likely we will reach the state-wide $50 million cap this year, and no applications will be approved by the state after that point. Forms are due no later than November 1, 2011, but getting them in sooner will increase your chance of getting approved. Please start the simple redirect process today!
For further information, please contact Shannon Neese in the ACCA Office.
