Overview
How do I participate?
You will find all the forms necessary to apply for this tax credit to the right in Tax Credit Forms. Click here for Tax Credit Filing Instructions.
What is the Qualified Education Expense Credit?
This tax credit was passed into law in July, 2008. The Galloway School is excited about the law as it has financial benefits both for you and The Galloway School. The state has set aside $50 million in available credits each year, distributed on a first come first served basis.
How can this tax credit benefit both The Galloway School and myself?
Under the new law, you can redirect a portion of your Georgia income tax liability to provide financial aid scholarships to incoming Galloway School students that are currently enrolled in public school. You will receive a tax credit on your state income taxes and a charitable deduction on your federal incomes taxes for the amount of your contribution. For married couples filing jointly, the maximum tax credit-eligible contribution is $2,500 ($1,000 as an individual).
How does it work?
We have partnered with the Apogee Scholarship Fund (ASF), a state approved Student Scholarship Organization (SSO), to enable the Galloway Community to take advantage of this program. With a contribution to ASF, a Georgia state income tax credit is available to you for the tax year. Your contribution can be used as a charitable deduction on your Federal tax return.
Tax Credit Amounts by Filing Status:
For Individuals
A single individual or 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. Electronic filing of state individual income tax return will not be available for taxpayers claiming this credit.
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. Electronic filing of state individual income tax return will not be available for taxpayers claiming this credit.
Corporate Donors
State income tax credit limit up to 75% of the corporation’s income tax liability or the actual amount contributed, whichever is less. An option to have a scholarship named in the corporation's name is also available.
Who qualifies for financial aid scholarships through this tax credit program?
A Georgia resident enrolled in secondary or primary public school or eligible to enroll in a qualified kindergarten program or pre-kindergarten program.
Contact Information:
ASF officials will work closely with existing private schools' financial aid offices in the awarding of scholarships. Parents or Guardians interested in applying for Galloway scholarships should contact The Galloway School's Financial Aid Office.
For additional questions or assistance, please contact John Panessa, Apogee Scholarship Fund at 404.419.7123, or Linda Levy, The Galloway School at 404.252.8389, extension 101.
To learn more about the ASF, please visit http://www.apogeescholarships.org.