You may apply for as little or as much as you want up to the limits listed above. ![]() Do I have to submit a tax credit application for the full amount allowed? Pass-Through Owner (not making HB 149 election)Ĭ Corp, Trust, or Pass-Through electing to pay tax at the entity level (HB 149)ħ5% of annual tax liability, but credit shall not exceed $1 millionĥ. What are the maximum amounts that individuals and businesses can contribute to GOAL in exchange for a Georgia education expense tax credit?Įach calendar year, until the annual cap on available education expense credits is reached: Tax Filing Status Tax filing guidance is available on GOAL's website.Ĥ. Taxpayer Claims Georgia Income Tax Credit: When taxpayer files their 2024 taxes in 2025, he or she will take a 100% Georgia income tax credit.GOAL Emails Taxpayer Tax Receipt: GOAL will send taxpayer Form IT-QEE-SSO1 (tax receipt) for claiming the credit on his or her 2024 Georgia income tax return.Taxpayer Makes Payment to GOAL: When notified of DOR approval (by DOR Approval Letter or email from GOAL), taxpayer must submit payment to GOAL before his or her 60-day payment deadline.DOR Informs GOAL of Taxpayer Approval: GOAL also receives notice of taxpayer's DOR approval, and GOAL will email taxpayer detailed instructions regarding payment deadline and options.DOR Informs Taxpayer of Approval: Taxpayer receives a DOR Approval Letter within 30 days after GOAL submits the application, indicating the amount for which he or she is approved and the deadline for making payment to GOAL.GOAL Submits Taxpayer Application to DOR: GOAL submits the taxpayer's request for a 2024 tax credit to the Georgia Department of Revenue (DOR) on the first business day of January 2024.Each step in the process is outlined below: Then, GOAL will take care of every remaining step, and will remind the taxpayer when action is required. So, the taxpayer will submit his or her 2024 tax credit application to GOAL. This simply means that the DOR sets aside a certain amount of the available tax credits specifically for the respective taxpayer. How does the Qualified Education Expense Tax Credit work?īecause there are limited tax credits available each year ($120 million), a taxpayer who is interested in contributing to GOAL must be pre-approved by the Georgia Department of Revenue ("DOR"). The list of GOAL Participating Schools is accessible on the GOAL website at. What other schools are participating in Georgia GOAL Scholarship Program? was the first SSO to be recognized by the Georgia Department of Education.Ģ. The SSOs use the contributions to award scholarships to students from K-12 public schools so that they can attend the private schools chosen by their parents. The law provides for the creation of student scholarship organizations (SSOs) to which Georgia individual and corporate taxpayers can contribute in exchange for a state income tax credit. ![]() In 2008, the Georgia General Assembly passed the Qualified Education Expense (QEE) Tax Credit bill (HB 1133), and Governor Sonny Perdue signed it into law. What is the history and purpose of the tuition tax credit legislation that gave rise to the Georgia GOAL Scholarship Program?
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