Georgia Private School Tax Credit

Redirect Your Tax Dollars to CCS

 

THE 2017 TAX CREDIT CAP HAS BEEN MET

Thank you to those who participated in the 2017 Georgia Private School Tax Credit program. The Department of Revenue has just notified Apogee that the tax credit cap has been met. Every application submitted has been approved for 49.48% of what was requested. This means that a $2,500 joint filing type submission results in an approved amount of $1,237. This is great news as we were hoping to end up in the 50% range. We expect that approval letters will be going out by the end of January. We want to make sure all information is accurate. 

Please note that we have changed our mailing address for check payments. The new Lockbox address for our contributors to mail their check payments is:

Apogee Georgia School Choice Scholarship
P.O. Box 117183
Atlanta, GA 30368-7183

 

What is the Georgia Private School Tax Credit Program?

The Georgia Private School Tax Credit (HB 1133) was passed into law in the summer of 2008 to improve educational opportunities in Georgia.  For 2017, the state has set aside $58 million in credits to be distributed on a first-come, first-served basis.

  • Under this law, every Georgia taxpayer has the option to redirect a portion of their Georgia income tax liability to a Student Scholarship Program (SSO) to provide financial aid assistance to a private school of their choice.
  • Participants will receive a dollar-for-dollar tax credit on their Georgia income taxes and a charitable deduction on their federal income taxes for the amount donated.  See chart below for tax credit amounts allowed.

  • Apogee expects the $58 million to be gone on January 1, 2017.  Please pre-register by December 15, 2016, to assure that your application will be approved on January 1.

 

For

Individuals:

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 per tax year, whichever is less.

If you are Married Filing Jointly:

The amount of the tax credit is equal to the actual amount expended or $2,500 per tax year, whichever is less.

If you are a Corporate Donor:

State income tax credit limit up to 75% of a C-corporation’s income tax liability or the actual amount donated, whichever is less.

For “S” corporations, LLCs and Partnerships, or for anyone who receives income through a pass-through entity, the amount of the tax credit is equal to the actual amount expended or $10,000, per individual, per tax year, whichever is less.

 

 

 

 

 

 

 

 

 

Who qualifies for the scholarship?

Incoming students who are currently enrolled in a public school or any rising prefirst, kindergarten, first grade, or have been home-schooled, who qualify for need-based financial aid at CCS, are eligible to receive funds.  The school distributes the monies raised.

 

How May I Redirect My Georgia Tax Dollars?

Covenant Christian School has partnered with Apogee Georgia School Choice Scholarship Fund, a state-approved Student Scholarship Organization, to enable the CCS community to take advantage of this program.

 

How to Participate in the Tax Credit Program

Paperless – It’s fast and easy!

Click here to complete the electronic form.
No signature is required.
Apogee will submit your information starting Jan. 1, 2017.

 

Printed forms to mail, fax or email.

Click here to print the form to mail, fax or email Apogee.

You must also complete the IT-QEE-TP2.

Click here to print the IT-QEE-TP2 form.

Mail , fax or email the two forms to Apogee at:

Apogee Scholarship Fund
P.O. Box 117183
Atlanta, GA  30368-7183
Email: scholarships@apogeescholarships.org
Fax: 404-419-7101

Apogee will remain in touch with you throughout the process and notify you by email (or letter if an email address is not provided) when your tax credit application is approved.  To finalize your participation, Apogee must receive your payment within 60 days of the state’s approval, either by mail to the Apogee address or online with a credit card at http://www.apogee123.org/pay-now-credit-card.  Checks should be made payable to the Apogee Scholarship Fund.

Your participation in the Georgia Private School Tax Credit Program benefits Covenant Christian School, but is not considered a donation to the Annual Fund.  For the tax credit contribution you will receive a dollar-for-dollar tax credit when you file your Georgia state income tax forms for the year of the credit, as well as a charitable tax contribution to Apogee, when you file your federal income taxes.  Your support of both programs helps Covenant Christian School meet its financial obligations.

For more information click here to go to the Apogee website.

Questions?

Mary Denson
Director of Development
Covenant Christian School
770-435-1596
mdenson@ccssmyrna.org

John Panessa
Apogee Scholarship Fund
404-419-7123
jpanessa@apogeescholarships.org