Feel good about where your tax dollars go and GIVE YOURSELF SOME CREDIT.
In 2017, the State of Georgia will set aside $58 million in available credits that can be redirected to any independent school in the state on a first come, first serve basis. Individuals and corporations will receive a Georgia income tax credit (and federal income tax deduction) for redirecting their state income tax payments to Georgia Student Scholarship Organizations (SSOs).
The additional financial aid funding created by the GTCP frees up Mount Vernon’s operating budget for other important initiatives. As a result, every Mount Vernon student is positively impacted.
The $58 million cap is expected to be met January 1, so you must preregister TODAY to reserve your tax credit (consider this a “pledge,” as your actual payment will be made sometime between January and March, 2017).
The amount you can redirect is limited by your tax filing status:
- Married Filing Jointly: Maximum of $2,500
- Individual Filer: Maximum of $1,000
- Married Filing Separately: Maximum of $1,250
OR Participate as a Pass-through entity
Individuals with pass-through income (Partners, LLC members and S-Corporation shareholders) can redirect 6% of estimated taxes up to $10,000. Pass-through participants still receive the dollar-for-dollar tax credit on their state income tax return.
C-Corps can redirect up to 75% of GA tax liability.
Let’s get started!