Georgia residents, don't miss this incredible tax opportunity! For several years now the Georgia Education Expense Credit (House Bill 1133) has been providing Georgia taxpayers with the opportunity to contribute to qualified Student Scholarship Organizations (SSOs) and receive a dollar-for-dollar credit against their Georgia income tax liabilities. The amounts contributed to the SSOs are used to provide scholarships to students who attend private K-12 schools.
Prior to 2013 only individuals and businesses organized as C-Corporations could participate in this program but now the State of Georgia has leveled the playing field by allowing S-Corporations, LLCs and Partnerships to offset some of the taxable income earned by contributing to an SSO.
Effective January 1, 2013, owners of LLCs, Partnerships, and S Corporations can contribute up to $10,000 to an SSO, less any amount already contributed to an SSO this year.
PLEASE NOTE: If both husband and wife earn income from flow-through entities, then BOTH can contribute up to the $10,000 limit, less any amount already contributed.
3 simple steps can make a big difference in the life of a GCA student:
Fill out the online donor application form to participate in the SSO program. The Georgia Tuition Assistance Program (GATAP) is the approved SSO for GCA. They will begin uploading applications starting on January 1.
After you receive a letter from the Department of Revenue approving you as a donor, write your donation check to GATAP for the amount for which you have been approved and send your donation to The Georgia Tuition Assistance Program, 535 Coldstream Court, Atlanta, GA 30328. Let them know it is to benefit GCA. You have 60 days from the time you receive your donor approval letter in which to make your donation to the SSO.
- When you file your taxes for the year in which you donated, attach copies of the documentation of your contribution (which you will receive from the SSO) and you will receive a dollar-for-dollar tax credit for donating to this program.