Frequently Asked Questions
Who can contritubute?
Any individual or corporation who pays Georgia income tax.
How much can I contritube to SSOs?
Individuals who contribute to Faith First, in the case of a single individual or a head of household, will receive a credit against their Georgia income tax liability in an amount equal to the actual amount expended or $1,000.00 per tax year, whichever is less. In the case of a contribution made by a married couple filing a joint return, the amount of the tax credit is equal to the actual amount expended or $2,500 per tax year, whichever is less.
Corporations who contribute to qualified SSOs are eligible for a credit against their Georgia income tax liability in an amount not to exceed the actual amount expended or 75% of the corporation’s income tax liability, whichever is less.
Is there a deadline?
We recommend that you apply no later than November 30th in order to receive permission from the state before the end of the calendar year. (It can take up to 30 days to receive approval.) Since the annual amount of available Education Expense Credits has been capped at approximately $50 million, an early application is the best way to ensure your application is approved. After the cap has been reached, no more applications for this credit will be approved until the following year.
Where does my contribution go?
Your contribution will be made to the Faith First GA fund and designated to Cumberland Christian Academy. These funds are earmarked for qualifying CCA scholarship recipients. While donations can be made to a specific school, they cannot be designated for a specific student.
What if I want to contribute more than the maximum?
You will receive the dollar for dollar Georgia tax credit up to the maximum allowed, and the remaining balance will be counted as an additional charitable contribution on your Georgia return. The full amount will be counted as a charitable contribution on your federal return.
Who can receive the scholarships?
Georgia residents who are already enrolled in a primary or secondary public school who wish to transfer to CCA, or current CCA students enrolling in K4, K5, or 1st grade may receive this scholarship. Donations cannot be designated for a specific student.
How will this benefit those who don't receive the scholarship?
In addition to the tax benefit you will receive, the funds will help our bottom line and result in increased educational opportunities for our students.
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