You can help change the lives of students through the Georgia Education Tax Credit opportunity. By redirecting a portion of your state tax dollars through a contribution to Georgia GOAL, you are earmarking those tax dollars toward educational scholarships to Tattnall Square Academy.
What is it?
In 2008, the Georgia General Assembly passed House Bill 1133. This new law allows you, a Georgia taxpayer, to redirect a portion of your Georgia income tax liability to provide scholarship assistance to incoming TSA students! To enable our supporters to take advantage of this program, we are working with the Georgia GOAL Scholarship Program, a state-approved student scholarship organization.
Who Can “Take the Credit?”
If you owe Georgia taxes, you can receive a tax credit (more than a mere income tax deduction!) toward your Georgia income tax liability for amounts contributed to GOAL. For married couples filing a joint return, the maximum tax credit-eligible contribution is $2,500 ($1,000 as an individual). For owners of pass-through entities (S-corp, LLC, and Partnerships), the maximum tax credit-eligible contribution is up to $10,000. C-corps and some trusts can contribute up to 75% of total tax liability. The best part is that it does not affect your budget in any way since these are state tax dollars you were going to pay anyway! So go ahead and take the credit that will change the life of a potential Tattnall family forever!
How Does This Work?
GOAL is projecting the $58 million dollar cap will be reached on January 1, 2016, so all requests will be prorated. You can reserve your spot for a 2016 tax credit by either:
- Completing the 2016 GOAL Tax Credit Form and sending them back to the development office to firstname.lastname@example.org.
- Or, to make things even simpler, complete the GOAL Paperless Process by following this link: https://www.goalscholarship.org/for_donors/page/goal-paperless-process
What Happens Next?
- TSA will send your forms to GOAL.
- GOAL will submit your forms to the Department of Revenue for approval on your behalf.
- DOR will send your letter of approval to you the donor, and GOAL.
- Payments must be remitted to GOAL within 60 days from the date of the approval letter.
How Are the Funds Used?
The GOAL Scholarship Program uses the TSA designated contributions to fund K-12 scholarships for public school children who desire to attend Tattnall. The scholarships are also available for qualified students who are eligible to enter kindergarten. Each year,TSA uses its regular admission and financial aid process to determine those students who are eligible to receive GOAL scholarships and submits the scholarship candidates and amounts to GOAL for final approval.
2016 GOAL Tax Credit Form
Do You Own A Business?
On May 8, 2013, Governor Deal signed the new legislation related to our program, which allows the owners of pass-through entities to receive a Georgia income tax credit for up to $10,000.
GOAL has received clarifying rules from the Georgia Department of Revenue (DOR) as well as instructions regarding how to apply for the $10,000 tax credits. Answers to some frequently asked questions are below:
- The paperwork must be submitted to the DOR in the name of the individual owner, rather than in the name of the business (pass through entity).
- An individual taxpayer may only receive a maximum tax credit of $10,000, regardless of ownership in multiple pass through entities;
- If the taxpayer’s spouse is also owner in a pass through entity (or entities), the couple may be allowed a tax credit of $10,000 each, for a total of $20,000.
- Applicants must provide the amount that represents 6% of their estimated Georgia income from the pass through entity (or entities). All Georgia income, loss and expense from the taxpayer selected pass through entities will be combined to determine Georgia income for purposes of the QEE credit.
- Please note: 6% of the Georgia income from pass through entity (or entities) is the maximum amount that may be claimed as a tax credit, and any excess amounts may not be claimed in the current year and may not be carried forward.
If you have any questions, please contact Brandi Fountain in the Development Office at email@example.com.
“Without the GOAL scholarship, I could not afford for my son to attend TSA. I cannot imagine our lives without the “TSA family”. I am thankful for the staff who have been such a godly influence in his life. My son has been empowered by the Tattnall experience and I will forever be grateful to the donors who make this scholarship possible.”