Apply as early as possible in 2012 to be approved before the $50 million cap is reached.
Allow 30 days before the calendar year end in order to receive permission from the state to donate for the 2012 tax year.
Print Donor form: Georgia Form IT-QEE-TP1. Coming in 2012-online application option.
Tax Credit for Education
Fast Facts About Faith First:
- • Individual Donor Maximums:
- Individual/Head of Household: $1,000
- Married Filing Jointly: $2,500
- Corporations: 75% of GA Tax Liability
- • Five Year Carry-over to Donors Exceeding Maximums
- • Available for Tax Year 2012
- • Dollar for Dollar GA Income Tax Credit
- • Annual Cap - Approximately $50M
- • Federal Charitable Income Tax Deduction
- • GA DOR Pre-Approves Credits
2012 Tax Credit News
The GA Dept. of Revenue has announced they have reached their 50 million dollar cap for approving tax credits for contributions to the student scholarship funds. While this is good news for Georgia as people are taking advantage of a great opportunity, it means that if you have not already sent in your donor form (IT-QEE-TP1) for approval, it is too late for this year. For those who have already sent in your donor form for approval, be sure to make your donaiton within 60 days of approval or by Dec. 31st, whichever is sooner.
About the Tax Credit
Georgia has joined several other states in offering a tax credit to those who wish to contribute to a scholarship fund (student scholarship organization—SSO) for private education. The Georgia Education Expense Credit allows individual and corporate taxpayers to contribute to a qualified SSO and receive a dollar-for-dollar credit against their Georgia income tax liabilities as well as receiving a deduction for the charitable contribution on their federal income tax return. Faith First Georgia is the SSO Cumberland is partnering with to help provide scholarships to qualifying CCA students.
Additional Information:
Frequently Asked Questions
Faith First Slide Presentation (requires Power Point)
Faith First Georgia (GCSSF): www.faithfirstga.org
Georgia Department of Revenue: www.etax.dor.ga.gov
