Georgia Private School Tax Credit Program
Make A Win-Win Impact: Redirect your Georgia tax liability to financial aid at Galloway
Individuals and Corporations (partners in partnerships, LLC owners, and shareholders of S-Corps) paying Georgia taxes are eligible for a dollar-for-dollar credit on state income taxes. Every year, the Georgia Private School Tax Credit Program, combined with support from Galloway’s endowment and Annual Giving dollars, plays a critical role in the School’s overall financial-aid initiatives. Your participation in this program makes a substantial impact on the School's ability to enroll bright, motivated, and curious students regardless of their family's ability to pay full tuition.
Galloway partners with Georgia GOAL, the state’s leading Student Scholarship Organization (SSO). GOAL works with 131 independent schools throughout Georgia and has awarded tuition assistance to more than 9,000 deserving students since the program’s 2008 inception. Currently, 49 Galloway students receive financial assistance through tax credits. Because of the popularity of the program, applications for a 2018 tax credit must be submitted by December 15, 2017. To submit your application for this program, please visit www.goalscholarship.org.
Please note that the Georgia Private School Tax Credit Program provides an opportunity for participants to redirect tax liability already owed to the State of Georgia to a restricted priority (financial aid), at a favorite independent school. Participation in the program, therefore, is not related to participation in Annual Giving.
The maximum redirections by filing method are:
|Filing Status||Contribution Level|
|Individual Filer||Up to $1,000|
|Married Filing Jointly||Up to $2,500|
|Married Filing Separately||Up to $1,250|
|Partnership, LLC, S-Corp||Up to $10,000|
|C-Corp or Trust||Up to 75% of annual Georgia income tax liability|
How to Contribute and Take the Tax Credit
- Apply Now (anytime from August 2017 – December 31, 2017)
Complete the 2018 GOAL Tax Credit Application today at https://www.goalscholarship.org/for_donors/tax_contribution_type.asp.
- GOAL Submits to DOR.
On the first business day of January 2018, GOAL submits your application to the Georgia Department of Revenue (DOR).
- Approved to Contribute.
GOAL and DOR notify you of tax credit approval and amount in early January 2018.
- Make Payment.
Pay GOAL by check or credit card within 60 days of DOR approval (mid-March 2018).
- Take the Credit.
In May, GOAL will send you a Form IT-QEE-SSO1 (tax receipt) for claiming the credit on your 2018 Georgia income tax return (Note: you will take the credit when you file your 2018 taxes in April of 2019).