GEORGIA EDUCATION EXPENSE TAX CREDIT/SSO SCHOLARSHIPS
With its enactment of the Georgia Education Expense Credit (House Bill 1133), Georgia has joined the several other states that are using similar programs to provide the state’s children with greater opportunities for access to learning.
The Georgia Education Expense Credit provides individual and corporate taxpayers with the opportunity to contribute to qualified student scholarship organizations (SSOs) and receive a dollar-for-dollar credit against their Georgia income tax liabilities. The amounts contributed to the SSOs are used to provide scholarships to students who desire to attend private K-12 schools.
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 percent of the corporation’s income tax liability, whichever is less.
Individuals who contribute to Georgia GCSSF Scholarship Program, Inc., 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 $2,500.00 per tax year, whichever is less.
The annual amount of available Education Expense Credits has been capped at $50 million.
A copy of Georgia’s Education Expense Credit legislation is located at http://www.legis.state.ga.us/legis/2007_08/versions/hb1133_HB_1133_AP_7.htm.
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