This tax credit was passed into law in July 2008. LLIP is excited about the law as it has financial benefits both for you and LLIP. 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 LLIP and me?
Under this law, you can redirect a portion of your Georgia income tax liability to provide scholarship assistance to incoming LLIP students that are attending Pre-K, Kindergarten or First Grade and/or previously attended public school. You will receive a tax credit on your state income taxes and a charitable contribution deduction on your federal incomes taxes for the amount donated. For married couples filing jointly, the maximum tax credit-eligible contribution is $2,500 ($1,000 as an individual). Corporations can donate up to 75% of their tax liability. NEW: LLC's can donate up to $10,000!!!
How does it works?
We have partnered with Apogee Georgia School Choice Scholarship Fund again, a state approved Student Scholarship Organization (SSO), to enable the LLIP community to take advantage of this program. With a donation to the Apogee Georgia School Choice Scholarship fund, a Georgia state income tax credit is available to you for the tax year the donation is made. Your donation can be used as a charitable contribution deduction on your Federal tax return.
Who qualifies for the scholarship?
A Georgia resident enrolled in secondary or primary public school or eligible to enroll in a qualified kindergarten program or pre-kindergarten program.
For additional questions or assistance, please contact (404) 768-2111.
To learn more about the Apogee Georgia School Choice Scholarship Fund, please click on the more info tab.