ENROLLMENT FOR THE 2017 TAX CREDIT PROGRAM IS AUGUST 1-DECEMBER 31, 2016.
ON JANUARY 1, 2016, THE STATEWIDE CAP OF $58 MILLION WAS MET AND NO REMAINING CREDITS ARE AVAILABLE FOR 2016.
Since 2008, there is a new Georgia Education Expense Credit that allows taxpayers to take a credit against their Georgia income taxes for amounts contributed to qualifying K-12 student scholarship organizations. In order to use this new program to increase the amount of financial aid Stratford Academy is able to offer families, we are working with the Georgia GOAL Scholarship Program, a state-approved student scholarship organization.
Under the new law, individual taxpayers receive a tax credit against their Georgia income tax liability for amounts contributed to the GOAL Scholarship Program up to $1,000 ($2,500 in the case of a married couple filing a joint return). Thus, if a married couple owes $10,000 in Georgia taxes, they can contribute $2,500 to GOAL for scholarships at Stratford and pay the remaining $7,500 to the state treasury.
Business entities can also receive a tax credit for amounts contributed to the GOAL Scholarship Program. C-corporations are eligible for up to75% of their Georgia income tax liability, while other entities such as S-corporations, LLCs, LLPs, etc... are able to redirect up to $10,000 in tax liability.
In addition, amounts contributed to GOAL are deductible for federal income tax purposes. Currently, there is a $58 million cap on this program annually. This cap was met on January 1, 2015, for this tax year. It is anticipated that the 2016 program will reach the cap on opening day on January 1, 2016.
The GOAL Scholarship Program uses the contributions to fund K-12 scholarships for public school children who desire to attend private schools. The scholarships are also available for students who are eligible to enter kindergarten. Importantly, donors to GOAL can designate that their contributions be used in support of scholarships at Stratford Academy.
On January 1, 2017, when the new tax year begins, Georgia GOAL will submit your application which has been held in queue.
When your designation is complete, Georgia GOAL will send you the necessary information for your tax records.
Participants are encouraged to file applications immediately. The program closes once the $58 million cap is met. Experts believe this will be on January 1, 2017.
To learn all of the details about the new law, the process for pre-qualifying and making your contributions, and the GOAL Scholarship Program, please visit the GOAL website at www.goalscholarship.org or contact Kathleen Medlin in the Stratford Institutional Advancement Office at firstname.lastname@example.org or 478-477-8073 ext. 210. For admissions criteria or scholarship administration, please contact Lori Palmer, Director of Admissions, at email@example.com or 478-477-8073 x203.