Single individuals and head of household tax filers can redirect up to $1,000 of their Georgia income tax and receive a dollar-for-dollar tax credit for the amount redirected.
MARRIED FILING JOINTLY
Married filing joint taxpayers can redirect up to $2,500 of their Georgia income tax and receive a dollar-for-dollar tax credit for the amount redirected.
"BONUS" FOR AMT TAX PAYERS
For taxpayers in AMT (Alternative Minimum Tax), by redirecting your tax dollars to our scholarship fund, you are converting a state income tax deduction (which is added back and subject to AMT tax) to a charitable donation (which is exempt from AMT).
$1,000 donation = $1,000 tax credit + $280 AMT savings
$2,500 donation = $2,500 tax credit + $700 AMT savings
Amounts redirected to the Scholarship Fund or School Fund will receive a Federal charitable contribution deduction.
Electronic filing of a state individual income tax return is now available for taxpayers claiming this state credit.
REDIRECT 75% OF YOUR GEORGIA TAX TO STUDENTS
What is a "C Corporation"? Business entities that are "incorporated" (Inc.) and file taxes via IRS Form 1120 and are not Sole Proprietors, Patnerships, LLC's, or "S Corporations" are eligile to participate in the 75% tax credit program.