In 2008, the Georgia General Assembly passed and Governor Sonny Perdue signed into law, HB 1133, legislation that permits Georgia taxpayers to receive a state income tax credit for amounts contributed to qualified student scholarship organizations (“SSOs”). The scholarships are awarded to students who are enrolled in a Georgia secondary or primary public school or who are eligible to enroll in pre-k4, kindergarten or first grade. Recipient students use their GOAL Scholarships to attend the private K-12 schools of their parents’ choice.
In response to this law, Georgia GOAL Scholarship Program, Inc. submitted notice to the Georgia Department of Education of its participation as an SSO under HB 1133. On June 26, 2008, the Georgia Department of Education recognized the Georgia GOAL Scholarship Program, Inc., a 501(c)(3) tax-exempt organization, as an SSO that is approved to accept contributions and offer scholarships to students to attend private K-12 schools in Georgia.
GOAL values the role of private school communities. GOAL has built a level of cooperation and trust with private school communities around Georgia for meeting the financial, academic, and other needs of scholarship recipients and their families.
Submitting a Goal Tax Credit Form is easy!
- You may complete and submit the form online using the GOAL Paperless Process,
- OR print and mail the form to GOAL by downloading here
GOAL will take care of all remaining steps on your behalf, and will submit your form to the Georgia Department of Revenue beginning January 1, 2016.
Higher Tax Credit Limits for Business Owners
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. For more information about GOAL Tax Credits for owners of S-Corps, LLCs & Partnerships, go to Higher Tax Credit Limits for Business Owners.
Georgia Education Expense Tax Credit
Allowing Georgia taxpayers to play a vital role in improving K-12 educational opportunities.
Tax Credit Limits Based on Filing Status
- Single individual or head of household – up to $1,000
- Married couple filing a joint return – up to $2,500
- Married couple filing a separate return – up to $1,250
- S corporation shareholder, LLC member, or partnership partner – up to $10,000 (Click here for more detailed information)
- C corporation or Trust – up to 75% of annual Georgia income tax liability
Information on Receiving the State Income Tax Credit
There is a cap of $58 million of available education expense tax credits for 2014.
To contribute for a tax credit:
- Taxpayer completes and signs GOAL Tax Credit Form & page 2 of Form IT-QEE-TP1, available on GOAL website at www.goalscholarship.org
- Taxpayer submits Forms to GOAL, and submits payment to GOAL online or by check beginning January 1, 2015
- GOAL submits taxpayer’s paperwork to Georgia Department of Revenue for approval
- GOAL processes payment once DOR approval is received and sends taxpayer required paperwork to claim the credit
Federal Income Tax Deductions
In addition to receiving a tax credit against their Georgia income taxes, taxpayers who itemize their deductions may take a charitable deduction on their federal income tax returns for amounts contributed to Georgia GOAL Scholarship Program, Inc. However, in calculating their Georgia taxable income on their Georgia state income tax returns, taxpayers who take the tax credit for their contributions to the Georgia GOAL Scholarship Program will have to add back to Georgia taxable income the corresponding amount taken as a federal charitable income tax deduction. Although GOAL recommends that taxpayers consult with their tax advisors, GOAL is providing taxpayer filing guidance in connection with the taking the qualified education expense credit on their Georgia returns.